Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH QUARTER 2011

JPMORGAN CHASE & CO. TABLE OF CONTENTS

	Page(s)
Consolidated Results
Consolidated Financial Highlights	2-3
Statements of Income	4
Consolidated Balance Sheets	5
Condensed Average Balance Sheets and Annualized Yields	6
Reconciliation from Reported to Managed Summary	7
Business Detail
Line of Business Financial Highlights — Managed Basis	8
Investment Bank	9-12
Retail Financial Services	13-19
Card Services & Auto	20-22
Commercial Banking	23-24
Treasury & Securities Services	25-27
Asset Management	28-32
Corporate/Private Equity	33-34
Credit-Related Information	35-40
Market Risk-Related Information	41
Supplemental Detail
Capital and Other Selected Balance Sheet Items	42
Mortgage Loan Repurchase Liability	43
Per Share-Related Information	44
Non-GAAP Financial Measures	45
Glossary of Terms	46-50

Page 1

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

	QUARTERLY TRENDS														FULL YEAR
											4Q11 Change								2011 Change
	4Q11		3Q11		2Q11		1Q11		4Q10		3Q11		4Q10		2011		2010		2010
SELECTED INCOME STATEMENT DATA
Reported Basis
Total net revenue	$	21,471	$	23,763	$	26,779	$	25,221	$	26,098		(10)%		(18)%	$	97,234	$	102,694		(5)%
Total noninterest expense		14,540		15,534		16,842		15,995		16,043		(6)		(9)		62,911		61,196		3
Pre-provision profit		6,931		8,229		9,937		9,226		10,055		(16)		(31)		34,323		41,498		(17)
Provision for credit losses		2,184		2,411		1,810		1,169		3,043		(9)		(28)		7,574		16,639		(54)
NET INCOME		3,728		4,262		5,431		5,555		4,831		(13)		(23)		18,976		17,370		9
Managed Basis (a)
Total net revenue		22,198		24,368		27,410		25,791		26,722		(9)		(17)		99,767		104,842		(5)
Total noninterest expense		14,540		15,534		16,842		15,995		16,043		(6)		(9)		62,911		61,196		3
Pre-provision profit		7,658		8,834		10,568		9,796		10,679		(13)		(28)		36,856		43,646		(16)
Provision for credit losses		2,184		2,411		1,810		1,169		3,043		(9)		(28)		7,574		16,639		(54)
NET INCOME		3,728		4,262		5,431		5,555		4,831		(13)		(23)		18,976		17,370		9
PER COMMON SHARE DATA
Basic earnings		0.90		1.02		1.28		1.29		1.13		(12)		(20)		4.50		3.98		13
Diluted earnings		0.90		1.02		1.27		1.28		1.12		(12)		(20)		4.48		3.96		13
Cash dividends declared (b)		0.25		0.25		0.25		0.25		0.05		—		400		1.00		0.20		400
Book value		46.59		45.93		44.77		43.34		43.04		1		8		46.59		43.04		8
Closing share price (c)		33.25		30.12		40.94		46.10		42.42		10		(22)		33.25		42.42		(22)
Market capitalization		125,442		114,422		160,083		183,783		165,875		10		(24)		125,442		165,875		(24)
COMMON SHARES OUTSTANDING
Average: Basic		3,801.9		3,859.6		3,958.4		3,981.6		3,917.0		(1)		(3)		3,900.4		3,956.3		(1)
Diluted		3,811.7		3,872.2		3,983.2		4,014.1		3,935.2		(2)		(3)		3,920.3		3,976.9		(1)
Common shares at period-end		3,772.7		3,798.9		3,910.2		3,986.6		3,910.3		(1)		(4)		3,772.7		3,910.3		(4)
FINANCIAL RATIOS (d)
Return on common equity (“ROE”)		8%		9%		12%		13%		11%						11%		10%
Return on tangible common equity (“ROTCE”) (e)		11		13		17		18		16						15		15
Return on assets (“ROA”)		0.65		0.76		0.99		1.07		0.92						0.86		0.85
CAPITAL RATIOS
Tier 1 capital ratio		12.3(g)		12.1		12.4		12.3		12.1
Total capital ratio		15.4(g)		15.3		15.7		15.6		15.5
Tier 1 common capital ratio (f)		10.0(g)		9.9		10.1		10.0		9.8

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

(b) On March 18, 2011, the Board of Directors increased the Firm’s quarterly common stock dividend from $0.05 to $0.25 per share.

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

(d) Quarterly ratios are based upon annualized amounts.

(e) ROTCE, a non-GAAP financial ratio, measures the Firm’s earnings as a percentage of tangible common equity. In management’s view, this measure is meaningful to the Firm, as well as analysts and investors in assessing the Firm’s use of equity and in facilitating comparisons with competitors. For further discussion, see page 45.

(f) Tier 1 common capital ratio is Tier 1 common capital divided by risk-weighted assets. The Firm uses Tier 1 common capital along with the other capital measures to assess and monitor its capital position. For further discussion of Tier 1 common capital ratio, see page 45.

(g) Estimated.

Page 2

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
SELECTED BALANCE SHEET DATA (Period-end)
Total assets	$	2,265,792		$	2,289,240		$	2,246,764		$	2,198,161		$	2,117,605			(1	)%		7	%	$	2,265,792		$	2,117,605			7	%
Wholesale loans		283,016			259,483			248,823			236,007			227,633			9			24			283,016			227,633			24
Consumer, excluding credit card loans		308,427			310,235			315,390			321,186			327,618			(1	)		(6	)		308,427			327,618			(6	)
Credit card loans		132,277			127,135			125,523			128,803			137,676			4			(4	)		132,277			137,676			(4	)
Total Loans		723,720			696,853			689,736			685,996			692,927			4			4			723,720			692,927			4
Deposits		1,127,806			1,092,708			1,048,685			995,829			930,369			3			21			1,127,806			930,369			21
Common stockholders’ equity		175,773			174,487			175,079			172,798			168,306			1			4			175,773			168,306			4
Total stockholders’ equity		183,573			182,287			182,879			180,598			176,106			1			4			183,573			176,106			4
Deposits-to-loans ratio		156	%		157	%		152	%		145	%		134	%								156	%		134	%
Headcount		260,157			256,663			250,095			242,929			239,831			1			8			260,157			239,831			8
LINE OF BUSINESS NET INCOME/(LOSS)
Investment Bank	$	726		$	1,636		$	2,057		$	2,370		$	1,501			(56	)		(52	)	$	6,789		$	6,639			2
Retail Financial Services		533			1,161			383			(399	)		459			(54	)		16			1,678			1,728			(3	)
Card Services & Auto		1,051			849			1,110			1,534			1,548			24			(32	)		4,544			2,872			58
Commercial Banking		643			571			607			546			530			13			21			2,367			2,084			14
Treasury & Securities Services		250			305			333			316			257			(18	)		(3	)		1,204			1,079			12
Asset Management		302			385			439			466			507			(22	)		(40	)		1,592			1,710			(7	)
Corporate/Private Equity		223			(645	)		502			722			29			NM			NM			802			1,258			(36	)
NET INCOME	$	3,728		$	4,262		$	5,431		$	5,555		$	4,831			(13	)		(23	)	$	18,976		$	17,370			9

Page 3

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
REVENUE
Investment banking fees	$	1,133		$	1,052		$	1,933		$	1,793		$	1,832			8	%		(38	)%	$	5,911		$	6,190			(5	)%
Principal transactions		750			1,370			3,140			4,745			1,915			(45	)		(61	)		10,005			10,894			(8	)
Lending- and deposit-related fees		1,620			1,643			1,649			1,546			1,545			(1	)		5			6,458			6,340			2
Asset management, administration and commissions		3,337			3,448			3,703			3,606			3,697			(3	)		(10	)		14,094			13,499			4
Securities gains		47			607			837			102			1,253			(92	)		(96	)		1,593			2,965			(46	)
Mortgage fees and related income		725			1,380			1,103			(487	)		1,617			(47	)		(55	)		2,721			3,870			(30	)
Credit card income		1,359			1,666			1,696			1,437			1,558			(18	)		(13	)		6,158			5,891			5
Other income		369			780			882			574			579			(53	)		(36	)		2,605			2,044			27
Noninterest revenue		9,340			11,946			14,943			13,316			13,996			(22	)		(33	)		49,545			51,693			(4	)
Interest income		15,054			15,160			15,632			15,447			15,612			(1	)		(4	)		61,293			63,782			(4	)
Interest expense		2,923			3,343			3,796			3,542			3,510			(13	)		(17	)		13,604			12,781			6
Net interest income		12,131			11,817			11,836			11,905			12,102			3			—			47,689			51,001			(6	)
TOTAL NET REVENUE		21,471			23,763			26,779			25,221			26,098			(10	)		(18	)		97,234			102,694			(5	)
Provision for credit losses		2,184			2,411			1,810			1,169			3,043			(9	)		(28	)		7,574			16,639			(54	)
NONINTEREST EXPENSE
Compensation expense		6,297			6,908			7,569			8,263			6,571			(9	)		(4	)		29,037			28,124			3
Occupancy expense		1,047			935			935			978			1,045			12			—			3,895			3,681			6
Technology, communications and equipment expense		1,282			1,248			1,217			1,200			1,198			3			7			4,947			4,684			6
Professional and outside services		2,021			1,860			1,866			1,735			1,789			9			13			7,482			6,767			11
Marketing		814			926			744			659			584			(12	)		39			3,143			2,446			28
Other expense		2,872			3,445			4,299			2,943			4,616			(17	)		(38	)		13,559			14,558			(7	)
Amortization of intangibles		207			212			212			217			240			(2	)		(14	)		848			936			(9	)
TOTAL NONINTEREST EXPENSE		14,540			15,534			16,842			15,995			16,043			(6	)		(9	)		62,911			61,196			3
Income before income tax expense		4,747			5,818			8,127			8,057			7,012			(18	)		(32	)		26,749			24,859			8
Income tax expense		1,019			1,556			2,696			2,502			2,181			(35	)		(53	)		7,773			7,489			4
NET INCOME	$	3,728		$	4,262		$	5,431		$	5,555		$	4,831			(13	)		(23	)	$	18,976		$	17,370			9
PER COMMON SHARE DATA
Basic earnings	$	0.90		$	1.02		$	1.28		$	1.29		$	1.13			(12	)		(20	)	$	4.50		$	3.98			13
Diluted earnings		0.90			1.02			1.27			1.28			1.12			(12	)		(20	)		4.48			3.96			13
FINANCIAL RATIOS
Return on equity (a)		8	%		9	%		12	%		13	%		11	%								11	%		10	%
Return on tangible common equity (a)(b)		11			13			17			18			16									15			15
Return on assets (a)		0.65			0.76			0.99			1.07			0.92									0.86			0.85
Effective income tax rate		21	(c)		27	(c)		33			31			31									29			30
Overhead ratio		68			65			63			63			61									65			60

(a) Quarterly ratios are based upon annualized amounts.

(b) ROTCE, a non-GAAP financial ratio, measures the Firm’s earnings as a percentage of tangible common equity. In management’s view, this measure is meaningful to the Firm, as well as analysts and investors in assessing the Firm’s use of equity and in facilitating comparisons with competitors. For further discussion, see page 45.

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

Page 4

JPMORGAN CHASE & CO. CONSOLIDATED BALANCE SHEETS (in millions)

																December 31,  2011 Change
	Dec 31, 2011			Sep 30, 2011			Jun 30, 2011			Mar 31, 2011			Dec 31, 2010			Sep 30, 2011			Dec 31, 2010
ASSETS
Cash and due from banks	$	59,602		$	56,766		$	30,466		$	23,469		$	27,567			5	%		116	%
Deposits with banks		85,279			128,877			169,880			80,842			21,673			(34	)		293
Federal funds sold and securities purchased under resale agreements		235,314			248,042			213,362			217,356			222,554			(5	)		6
Securities borrowed		142,462			131,561			121,493			119,000			123,587			8			15
Trading assets:
Debt and equity instruments		351,486			352,678			381,339			422,404			409,411			—			(14	)
Derivative receivables		92,477			108,853			77,383			78,744			80,481			(15	)		15
Securities		364,793			339,349			324,741			334,800			316,336			7			15
Loans		723,720			696,853			689,736			685,996			692,927			4			4
Less: Allowance for loan losses		27,609			28,350			28,520			29,750			32,266			(3	)		(14	)
Loans, net of allowance for loan losses		696,111			668,503			661,216			656,246			660,661			4			5
Accrued interest and accounts receivable		61,478			72,080			80,292			79,236			70,147			(15	)		(12	)
Premises and equipment		14,041			13,812			13,679			13,422			13,355			2			5
Goodwill		48,188			48,180			48,882			48,856			48,854			—			(1	)
Mortgage servicing rights		7,223			7,833			12,243			13,093			13,649			(8	)		(47	)
Other intangible assets		3,207			3,396			3,679			3,857			4,039			(6	)		(21	)
Other assets		104,131			109,310			108,109			106,836			105,291			(5	)		(1	)
TOTAL ASSETS	$	2,265,792		$	2,289,240		$	2,246,764		$	2,198,161		$	2,117,605			(1	)		7
LIABILITIES
Deposits	$	1,127,806		$	1,092,708		$	1,048,685		$	995,829		$	930,369			3			21
Federal funds purchased and securities loaned or sold under repurchase agreements		213,532			238,585			254,124			285,444			276,644			(11	)		(23	)
Commercial paper		51,631			51,073			51,160			46,022			35,363			1			46
Other borrowed funds (a)		21,908			29,318			30,208			36,704			34,325			(25	)		(36	)
Trading liabilities:
Debt and equity instruments		66,718			76,592			84,865			80,031			76,947			(13	)		(13	)
Derivative payables		74,977			79,249			63,668			61,362			69,219			(5	)		8
Accounts payable and other liabilities		202,895			199,769			184,490			171,638			170,330			2			19
Beneficial interests issued by consolidated VIEs		65,977			65,971			67,457			70,917			77,649			—			(15	)
Long-term debt (a)		256,775			273,688			279,228			269,616			270,653			(6	)		(5	)
TOTAL LIABILITIES		2,082,219			2,106,953			2,063,885			2,017,563			1,941,499			(1	)		7
STOCKHOLDERS’ EQUITY
Preferred stock		7,800			7,800			7,800			7,800			7,800			—			—
Common stock		4,105			4,105			4,105			4,105			4,105			—			—
Capital surplus		95,602			95,078			95,061			94,660			97,415			1			(2	)
Retained earnings		88,315			85,726			82,612			78,342			73,998			3			19
Accumulated other comprehensive income		944			1,964			1,638			712			1,001			(52	)		(6	)
Shares held in RSU Trust, at cost		(38	)		(53	)		(53	)		(53	)		(53	)		28			28
Treasury stock, at cost		(13,155	)		(12,333	)		(8,284	)		(4,968	)		(8,160	)		(7	)		(61	)
TOTAL STOCKHOLDERS’ EQUITY		183,573			182,287			182,879			180,598			176,106			1			4
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,265,792		$	2,289,240		$	2,246,764		$	2,198,161		$	2,117,605			(1	)		7

(a) Effective January 1, 2011, the long-term portion of advances from Federal Home Loan Banks (“FHLBs”) was reclassified from other borrowed funds to long-term debt. Prior periods have been revised to conform with the current presentation.

Page 5

JPMORGAN CHASE & CO. CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS (in millions, except rates)

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
AVERAGE BALANCES
ASSETS
Deposits with banks	$	89,145		$	116,062		$	75,801		$	37,155		$	29,213			(23	)%		205	%	$	79,783		$	47,611			68	%
Federal funds sold and securities purchased under resale agreements		230,494			211,884			202,036			202,481			201,489			9			14			211,800			188,394			12
Securities borrowed		143,745			131,615			124,806			114,589			119,973			9			20			128,777			117,416			10
Trading assets — debt instruments		241,645			257,950			285,104			275,512			273,929			(6	)		(12	)		264,941			254,898			4
Securities		358,698			331,330			342,248			318,936			328,126			8			9			337,894			330,166			2
Loans		706,856			692,794			686,111			688,133			690,529			2			2			693,523			703,540			(1	)
Other assets (a)		37,343			42,760			48,716			49,887			42,583			(13	)		(12	)		44,637			35,496			26
Total interest-earning assets		1,807,926			1,784,395			1,764,822			1,686,693			1,685,842			1			7			1,761,355			1,677,521			5
Trading assets — equity instruments		116,720			119,890			137,611			141,951			122,827			(3	)		(5	)		128,949			99,543			30
Trading assets — derivative receivables		94,925			96,612			82,860			85,437			87,569			(2	)		8			90,003			84,676			6
All other noninterest-earning assets		243,578			229,650			207,250			190,371			192,906			6			26			217,891			191,511			14
TOTAL ASSETS	$	2,263,149		$	2,230,547		$	2,192,543		$	2,104,452		$	2,089,144			1			8		$	2,198,198		$	2,053,251			7
LIABILITIES
Interest-bearing deposits	$	759,422		$	740,901		$	732,766		$	700,921		$	669,346			2			13		$	733,683		$	668,640			10
Federal funds purchased and securities loaned or sold under repurchase agreements		230,355			235,438			281,843			278,250			287,493			(2	)		(20	)		256,283			278,603			(8	)
Commercial paper		44,930			47,027			41,682			36,838			34,507			(4	)		30			42,653			36,000			18
Trading liabilities — debt, short-term and other liabilities (b)(c)		204,161			215,064			212,878			193,814			196,840			(5	)		4			206,531			186,059			11
Beneficial interests issued by consolidated VIEs		65,322			66,545			69,399			72,932			78,114			(2	)		(16	)		68,523			87,493			(22	)
Long-term debt (c)		269,542			279,235			273,934			269,156			273,066			(3	)		(1	)		272,985			273,074			—
Total interest-bearing liabilities		1,573,732			1,584,210			1,612,502			1,551,911			1,539,366			(1	)		2			1,580,658			1,529,869			3
Noninterest-bearing deposits		337,618			297,610			247,137			229,461			225,966			13			49			278,307			212,414			31
Trading liabilities — equity instruments		8,188			1,948			3,289			7,872			7,166			320			14			5,316			6,172			(14	)
Trading liabilities — derivative payables		72,965			75,828			66,009			71,288			71,727			(4	)		2			71,539			65,714			9
All other noninterest-bearing liabilities		87,804			88,697			81,729			66,705			70,307			(1	)		25			81,312			69,539			17
TOTAL LIABILITIES		2,080,307			2,048,293			2,010,666			1,927,237			1,914,532			2			9			2,017,132			1,883,708			7
Preferred stock		7,800			7,800			7,800			7,800			7,800			—			—			7,800			8,023			(3	)
Common stockholders’ equity		175,042			174,454			174,077			169,415			166,812			—			5			173,266			161,520			7
TOTAL STOCKHOLDERS’ EQUITY		182,842			182,254			181,877			177,215			174,612			—			5			181,066			169,543			7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,263,149		$	2,230,547		$	2,192,543		$	2,104,452		$	2,089,144			1			8		$	2,198,198		$	2,053,251			7
AVERAGE RATES
INTEREST-EARNING ASSETS
Deposits with banks		0.75	%		0.63	%		0.76	%		1.11	%		1.02	%								0.75	%		0.72	%
Federal funds sold and securities purchased under resale agreements		1.19			1.28			1.20			1.09			1.05									1.19			0.95
Securities borrowed		0.04			0.05			0.10			0.17			0.16									0.09			0.15
Trading assets — debt instruments		4.22			4.32			4.23			4.31			4.29									4.27			4.37
Securities		2.57			2.66			3.10			2.89			2.44									2.80			2.95
Loans		5.22			5.28			5.36			5.62			5.71									5.37			5.75
Other assets (a)		1.51			1.47			1.30			1.20			1.54									1.36			1.52
Total interest-earning assets		3.34			3.40			3.58			3.74			3.70									3.51			3.83
INTEREST-BEARING LIABILITIES
Interest-bearing deposits		0.43			0.53			0.61			0.53			0.50									0.53			0.51
Federal funds purchased and securities loaned or sold under repurchase agreements		0.18			0.18			0.29			0.17			0.12									0.21			(0.07	)(d)
Commercial paper		0.13			0.16			0.19			0.21			0.21									0.17			0.20
Trading liabilities — debt, short-term and other liabilities (b)(c)		0.67			1.05			1.26			1.43			1.57									1.10			1.34
Beneficial interests issued by consolidated VIEs		1.06			1.05			1.17			1.19			1.13									1.12			1.31
Long-term debt (c)		2.15			2.10			2.31			2.39			2.25									2.24			2.14
Total interest-bearing liabilities		0.74			0.84			0.94			0.93			0.90									0.86			0.84
INTEREST RATE SPREAD		2.60	%		2.56	%		2.64	%		2.81	%		2.80	%								2.65	%		2.99	%
NET YIELD ON INTEREST-EARNING ASSETS		2.70	%		2.66	%		2.72	%		2.89	%		2.88	%								2.74	%		3.06	%

(a) Includes margin loans.

(b) Includes brokerage customer payables.

(c) Effective January 1, 2011, the long-term portion of advances from FHLBs was reclassified from other borrowed funds, which is included in short-term and other liabilities, to long-term debt. Prior periods have been revised to conform with the current presentation.

(d) Reflects a benefit from the favorable market environments for dollar-roll financings.

Page 6

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

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 45.

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

	QUARTERLY TRENDS																FULL YEAR
											4Q11 Change										2011 Change
	4Q11		3Q11		2Q11		1Q11		4Q10		3Q11			4Q10			2011		2010		2010
OTHER INCOME
Other income — reported	$	369	$	780	$	882	$	574	$	579		(53	)%		(36	)%	$	2,605	$	2,044		27	%
Fully taxable-equivalent adjustments		570		472		510		451		503		21			13			2,003		1,745		15
Other income — managed	$	939	$	1,252	$	1,392	$	1,025	$	1,082		(25	)		(13	)	$	4,608	$	3,789		22
TOTAL NONINTEREST REVENUE
Total noninterest revenue — reported	$	9,340	$	11,946	$	14,943	$	13,316	$	13,996		(22	)		(33	)	$	49,545	$	51,693		(4	)
Fully taxable-equivalent adjustments		570		472		510		451		503		21			13			2,003		1,745		15
Total noninterest revenue — managed	$	9,910	$	12,418	$	15,453	$	13,767	$	14,499		(20	)		(32	)	$	51,548	$	53,438		(4	)
NET INTEREST INCOME
Net interest income — reported	$	12,131	$	11,817	$	11,836	$	11,905	$	12,102		3			—		$	47,689	$	51,001		(6	)
Fully taxable-equivalent adjustments		157		133		121		119		121		18			30			530		403		32
Net interest income — managed	$	12,288	$	11,950	$	11,957	$	12,024	$	12,223		3			1		$	48,219	$	51,404		(6	)
TOTAL NET REVENUE
Total net revenue — reported	$	21,471	$	23,763	$	26,779	$	25,221	$	26,098		(10	)		(18	)	$	97,234	$	102,694		(5	)
Fully taxable-equivalent adjustments		727		605		631		570		624		20			17			2,533		2,148		18
Total net revenue — managed	$	22,198	$	24,368	$	27,410	$	25,791	$	26,722		(9	)		(17	)	$	99,767	$	104,842		(5	)
PRE-PROVISION PROFIT
Total pre-provision profit — reported	$	6,931	$	8,229	$	9,937	$	9,226	$	10,055		(16	)		(31	)	$	34,323	$	41,498		(17	)
Fully taxable-equivalent adjustments		727		605		631		570		624		20			17			2,533		2,148		18
Total pre-provision profit — managed	$	7,658	$	8,834	$	10,568	$	9,796	$	10,679		(13	)		(28	)	$	36,856	$	43,646		(16	)
INCOME TAX EXPENSE
Income tax expense — reported	$	1,019	$	1,556	$	2,696	$	2,502	$	2,181		(35	)		(53	)	$	7,773	$	7,489		4
Fully taxable-equivalent adjustments		727		605		631		570		624		20			17			2,533		2,148		18
Income tax expense — managed	$	1,746	$	2,161	$	3,327	$	3,072	$	2,805		(19	)		(38	)	$	10,306	$	9,637		7

Page 7

JPMORGAN CHASE & CO. LINE OF BUSINESS FINANCIAL HIGHLIGHTS — MANAGED BASIS (a) (in millions, except ratio data)

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
TOTAL NET REVENUE (FTE)
Investment Bank (b)	$	4,358		$	6,369		$	7,314		$	8,233		$	6,213			(32	)%		(30	)%	$	26,274		$	26,217			—	%
Retail Financial Services		6,395			7,535			7,142			5,466			7,699			(15	)		(17	)		26,538			28,447			(7	)
Card Services & Auto		4,814			4,775			4,761			4,791			5,072			1			(5	)		19,141			20,472			(7	)
Commercial Banking		1,687			1,588			1,627			1,516			1,611			6			5			6,418			6,040			6
Treasury & Securities Services		2,022			1,908			1,932			1,840			1,913			6			6			7,702			7,381			4
Asset Management		2,284			2,316			2,537			2,406			2,613			(1	)		(13	)		9,543			8,984			6
Corporate/Private Equity (b)		638			(123	)		2,097			1,539			1,601			NM			(60	)		4,151			7,301			(43	)
TOTAL NET REVENUE	$	22,198		$	24,368		$	27,410		$	25,791		$	26,722			(9	)		(17	)	$	99,767		$	104,842			(5	)
TOTAL PRE-PROVISION PROFIT
Investment Bank (b)	$	1,389		$	2,570		$	2,982		$	3,217		$	2,012			(46	)		(31	)	$	10,158		$	8,952			13
Retail Financial Services		1,673			2,970			1,871			566			3,228			(44	)		(48	)		7,080			11,964			(41	)
Card Services & Auto		2,789			2,660			2,773			2,874			3,205			5			(13	)		11,096			13,294			(17	)
Commercial Banking		1,108			1,015			1,064			953			1,053			9			5			4,140			3,841			8
Treasury & Securities Services		459			438			479			463			443			5			4			1,839			1,777			3
Asset Management		532			520			743			746			836			2			(36	)		2,541			2,872			(12	)
Corporate/Private Equity (b)		(292	)		(1,339	)		656			977			(98	)		78			(198	)		2			946			(100	)
TOTAL PRE-PROVISION PROFIT	$	7,658		$	8,834		$	10,568		$	9,796		$	10,679			(13	)		(28	)	$	36,856		$	43,646			(16	)
NET INCOME/(LOSS)
Investment Bank	$	726		$	1,636		$	2,057		$	2,370		$	1,501			(56	)		(52	)	$	6,789		$	6,639			2
Retail Financial Services		533			1,161			383			(399	)		459			(54	)		16			1,678			1,728			(3	)
Card Services & Auto		1,051			849			1,110			1,534			1,548			24			(32	)		4,544			2,872			58
Commercial Banking		643			571			607			546			530			13			21			2,367			2,084			14
Treasury & Securities Services		250			305			333			316			257			(18	)		(3	)		1,204			1,079			12
Asset Management		302			385			439			466			507			(22	)		(40	)		1,592			1,710			(7	)
Corporate/Private Equity		223			(645	)		502			722			29			NM			NM			802			1,258			(36	)
TOTAL NET INCOME	$	3,728		$	4,262		$	5,431		$	5,555		$	4,831			(13	)		(23	)	$	18,976		$	17,370			9
AVERAGE EQUITY (c)
Investment Bank	$	40,000		$	40,000		$	40,000		$	40,000		$	40,000			—			—		$	40,000		$	40,000			—
Retail Financial Services		25,000			25,000			25,000			25,000			24,600			—			2			25,000			24,600			2
Card Services & Auto		16,000			16,000			16,000			16,000			18,400			—			(13	)		16,000			18,400			(13	)
Commercial Banking		8,000			8,000			8,000			8,000			8,000			—			—			8,000			8,000			—
Treasury & Securities Services		7,000			7,000			7,000			7,000			6,500			—			8			7,000			6,500			8
Asset Management		6,500			6,500			6,500			6,500			6,500			—			—			6,500			6,500			—
Corporate/Private Equity		72,542			71,954			71,577			66,915			62,812			1			15			70,766			57,520			23
TOTAL AVERAGE EQUITY	$	175,042		$	174,454		$	174,077		$	169,415		$	166,812			—			5		$	173,266		$	161,520			7
RETURN ON EQUITY (c)
Investment Bank		7	%		16	%		21	%		24	%		15	%								17	%		17	%
Retail Financial Services		8			18			6			(6	)		7									7			7
Card Services & Auto		26			21			28			39			33									28			16
Commercial Banking		32			28			30			28			26									30			26
Treasury & Securities Services		14			17			19			18			16									17			17
Asset Management		18			24			27			29			31									25			26
JPMORGAN CHASE		8			9			12			13			11									11			10

(a) Commencing July 1, 2011, the Firm’s business segments have been reorganized as follows: (1) Auto and Student Lending transferred from the Retail Financial Services (“RFS”) segment and are reported with Card Services & Auto (“Card”) in a single segment, and (2) RFS continues as a segment, organized in two components: Consumer & Business Banking (formerly Retail Banking) and Mortgage Banking (including Mortgage Production and Servicing, and Real Estate Portfolios). The business segment information associated with RFS and Card has been revised to reflect the business reorganization retroactive to January 1, 2010.

(b) Corporate/Private Equity includes an adjustment to offset Investment Bank’s (“IB”) inclusion of a credit allocation income/(expense) to Treasury & Securities Services (“TSS”) in total net revenue; TSS reports the credit allocation as a separate line on its income statement (not within total net revenue).

(c) Equity for a line of business represents the amount the Firm believes the business would require if it were operating independently, incorporating sufficient capital to address regulatory capital requirements (including Basel III Tier 1 common capital requirements), economic risk measures, and capital levels for similarly rated peers. Capital is also allocated to each line of business for, among other things, goodwill and other intangibles associated with acquisitions effected by the line of business. ROE is measured and internal targets for expected returns are established as key measures of a business segment’s performance. Effective January 1, 2011, capital allocated to Card was reduced by $2.4 billion, to $16.0 billion, largely reflecting portfolio runoff and the improving risk profile of the business; capital allocated to TSS was increased by $500 million, to $7.0 billion, reflecting growth in the underlying business. The Firm continues to assess the level of capital required for each line of business, as well as the assumptions and methodologies used to allocate capital to the business segments, and further refinements may be implemented in future periods.

Page 8

JPMORGAN CHASE & CO. INVESTMENT BANK FINANCIAL HIGHLIGHTS (in millions, except ratio data)

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,119		$	1,039		$	1,922		$	1,779		$	1,833			8	%		(39	)%	$	5,859		$	6,186			(5	)%
Principal transactions (a)		364			2,253			2,309			3,398			1,289			(84	)		(72	)		8,324			8,454			(2	)
Lending- and deposit-related fees		216			210			218			214			209			3			3			858			819			5
Asset management, administration and commissions		477			563			548			619			652			(15	)		(27	)		2,207			2,413			(9	)
All other income (b)		93			228			236			166			185			(59	)		(50	)		723			381			90
Noninterest revenue		2,269			4,293			5,233			6,176			4,168			(47	)		(46	)		17,971			18,253			(2	)
Net interest income		2,089			2,076			2,081			2,057			2,045			1			2			8,303			7,964			4
TOTAL NET REVENUE (c)		4,358			6,369			7,314			8,233			6,213			(32	)		(30	)		26,274			26,217			—
Provision for credit losses		272			54			(183	)		(429	)		(271	)		404			NM			(286	)		(1,200	)		76
NONINTEREST EXPENSE
Compensation expense		1,172			1,850			2,564			3,294			1,845			(37	)		(36	)		8,880			9,727			(9	)
Noncompensation expense		1,797			1,949			1,768			1,722			2,356			(8	)		(24	)		7,236			7,538			(4	)
TOTAL NONINTEREST EXPENSE		2,969			3,799			4,332			5,016			4,201			(22	)		(29	)		16,116			17,265			(7	)
Income before income tax expense		1,117			2,516			3,165			3,646			2,283			(56	)		(51	)		10,444			10,152			3
Income tax expense		391			880			1,108			1,276			782			(56	)		(50	)		3,655			3,513			4
NET INCOME	$	726		$	1,636		$	2,057		$	2,370		$	1,501			(56	)		(52	)	$	6,789		$	6,639			2
FINANCIAL RATIOS
ROE		7	%		16	%		21	%		24	%		15	%								17	%		17	%
ROA		0.36			0.81			0.98			1.18			0.75									0.84			0.91
Overhead ratio		68			60			59			61			68									61			66
Compensation expense as a percent of total net revenue		27			29			35			40			30									34			37	(g)
REVENUE BY BUSINESS
Investment banking fees:
Advisory	$	397		$	365		$	601		$	429		$	424			9			(6	)	$	1,792		$	1,469			22
Equity underwriting		169			178			455			379			489			(5	)		(65	)		1,181			1,589			(26	)
Debt underwriting		553			496			866			971			920			11			(40	)		2,886			3,128			(8	)
Total investment banking fees		1,119			1,039			1,922			1,779			1,833			8			(39	)		5,859			6,186			(5	)
Fixed income markets (d)		2,491			3,328			4,280			5,238			2,875			(25	)		(13	)		15,337			15,025			2
Equity markets (e)		779			1,424			1,223			1,406			1,128			(45	)		(31	)		4,832			4,763			1
Credit portfolio (b)(f)		(31	)		578			(111	)		(190	)		377			NM			NM			246			243			1
Total net revenue	$	4,358		$	6,369		$	7,314		$	8,233		$	6,213			(32	)		(30	)	$	26,274		$	26,217			—

(a) Principal transactions included debit valuation adjustments (“DVA”) related to derivatives and structured liabilities measured at fair value. DVA gains/(losses) were ($567) million, $1.9 billion, $165 million, ($46) million and $15 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively.

(b) IB manages traditional credit exposures related to Global Corporate Bank (“GCB”) on behalf of IB and TSS. Effective January 1, 2011, IB and TSS share the economics related to the Firm’s GCB clients. IB recognizes this sharing agreement within all other income. The prior-year periods reflected the reimbursement from TSS for a portion of the total costs of managing the credit portfolio on behalf of TSS.

(c) Total net revenue included tax-equivalent adjustments, predominantly due to income tax credits related to affordable housing and alternative energy investments, as well as tax-exempt income from municipal bond investments of $510 million, $440 million, $493 million, $438 million and $475 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and $1.9 billion and $1.7 billion for full year 2011 and 2010, respectively.

(d) Fixed income markets primarily include revenue related to market-making across global fixed income markets, including foreign exchange, interest rate, credit and commodities markets. Includes DVA gains/(losses) of ($135) million, $529 million, $64 million, $95 million and ($20) million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively.

(e) Equity markets primarily include revenue related to market-making across global equity products, including cash instruments, derivatives, convertibles and Prime Services. Includes DVA gains/(losses) of ($27) million, $377 million, $78 million, ($72) million and $39 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively.

(f) Credit portfolio revenue includes net interest income, fees and loan sales activity, as well as gains or losses on securities received as part of a loan restructuring, for IB’s credit portfolio. Credit portfolio revenue also includes the results of risk management related to the Firm’s lending and derivative activities. Includes DVA gains/(losses) of ($405) million, $979 million, $23 million, ($69) million and ($4) million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively.

(g) The compensation expense as a percentage of total net revenue ratio for full year 2010, excluding the payroll tax expense related to the U.K. Bank Payroll Tax on certain compensation awarded from December 9, 2009 to April 5, 2010 to relevant banking employees, which is a non-GAAP financial measure, was 35%. IB excludes this tax from the ratio because it enables comparability between periods.

Page 9

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	776,430		$	824,733		$	809,630		$	853,452		$	825,150			(6	)%		(6	)%	$	776,430		$	825,150			(6	)%
Loans:
Loans retained (a)		68,208			58,163			56,107			52,712			53,145			17			28			68,208			53,145			28
Loans held-for-sale and loans at fair value		2,915			2,311			3,466			5,070			3,746			26			(22	)		2,915			3,746			(22	)
Total loans		71,123			60,474			59,573			57,782			56,891			18			25			71,123			56,891			25
Equity		40,000			40,000			40,000			40,000			40,000			—			—			40,000			40,000			—
SELECTED BALANCE SHEET DATA (average)
Total assets	$	790,644		$	803,667		$	841,355		$	815,828		$	792,703			(2	)		—		$	812,779		$	731,801			11
Trading assets — debt and equity instruments		313,005			329,984			374,694			368,956			346,990			(5	)		(10	)		346,461			307,061			13
Trading assets — derivative receivables		76,786			79,044			69,346			67,462			72,491			(3	)		6			73,201			70,289			4
Loans:
Loans retained (a)		62,698			57,265			54,590			53,370			52,502			9			19			57,007			54,402			5
Loans held-for-sale and loans at fair value		2,082			2,431			4,154			3,835			3,504			(14	)		(41	)		3,119			3,215			(3	)
Total loans		64,780			59,696			58,744			57,205			56,006			9			16			60,126			57,617			4
Adjusted assets (b)		564,158			597,513			628,475			611,038			587,307			(6	)		(4	)		600,160			540,449			11
Equity		40,000			40,000			40,000			40,000			40,000			—			—			40,000			40,000			—
Headcount		25,999			26,615			27,716			26,494			26,314			(2	)		(1	)		25,999			26,314			(1	)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	199		$	(168	)	$	7		$	123		$	(23	)		NM			NM		$	161		$	735			(78	)
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)(c)		1,035			1,274			1,494			2,388			3,159			(19	)		(67	)		1,035			3,159			(67	)
Nonaccrual loans held-for-sale and loans at fair value		166			150			193			259			460			11			(64	)		166			460			(64	)
Total nonaccrual loans		1,201			1,424			1,687			2,647			3,619			(16	)		(67	)		1,201			3,619			(67	)
Derivative receivables		14			7			18			21			34			100			(59	)		14			34			(59	)
Assets acquired in loan satisfactions		79			77			83			73			117			3			(32	)		79			117			(32	)
Total nonperforming assets		1,294			1,508			1,788			2,741			3,770			(14	)		(66	)		1,294			3,770			(66	)
Allowance for credit losses:
Allowance for loan losses		1,436			1,337			1,178			1,330			1,863			7			(23	)		1,436			1,863			(23	)
Allowance for lending-related commitments		418			444			383			424			447			(6	)		(6	)		418			447			(6	)
Total allowance for credit losses		1,854			1,781			1,561			1,754			2,310			4			(20	)		1,854			2,310			(20	)
Net charge-off/(recovery) rate (a)(d)		1.26	%		(1.16	)%		0.05	%		0.93	%		(0.17	)%								0.28	%		1.35	%
Allow. for loan losses to period-end loans retained (a)(d)		2.11			2.30			2.10			2.52			3.51									2.11			3.51
Allow. for loan losses to nonaccrual loans retained (a)(c)(d)		139			105			79			56			59									139			59
Nonaccrual loans to total period-end loans		1.69			2.35			2.83			4.58			6.36									1.69			6.36

(a) Loans retained included credit portfolio loans, leveraged leases and other accrual loans, and excluded loans held-for-sale and loans at fair value.

(b) Adjusted assets, a non-GAAP financial measure, is presented to assist the reader in comparing IB’s asset and capital levels with those of other investment banks in the securities industry. For further discussion of adjusted assets, see page 45.

(c) Allowance for loan losses of $263 million, $320 million, $377 million, $567 million and $1.1 billion were held against these nonaccrual loans at December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively.

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

Page 10

JPMORGAN CHASE & CO. INVESTMENT BANK FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratio and rankings data)

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
MARKET RISK — AVERAGE TRADING AND CREDIT PORTFOLIO VAR - 95% CONFIDENCE LEVEL
Trading activities:
Fixed income	$	56		$	48		$	45		$	49		$	53			17	%		6	%	$	50		$	65			(23	)%
Foreign exchange		12			10			9			11			10			20			20			11			11			—
Equities		19			19			25			29			23			—			(17	)		23			22			5
Commodities and other		20			15			16			13			14			33			43			16			16			—
Diversification (a)		(50	)		(39	)		(37	)		(38	)		(38	)		(28	)		(32	)		(42	)		(43	)		2
Total trading VaR (b)		57			53			58			64			62			8			(8	)		58			71			(18	)
Credit portfolio VaR (c)		39			38			27			26			26			3			50			33			26			27
Diversification (a)		(21	)		(21	)		(8	)		(7	)		(10	)		—			(110	)		(15	)		(10	)		(50	)
Total trading and credit portfolio VaR	$	75		$	70		$	77		$	83		$	78			7			(4	)	$	76		$	87			(13	)

	FULL YEAR 2011		FULL YEAR 2010
	Market     Share	Rankings	Market     Share	Rankings
MARKET SHARES AND RANKINGS (d)
Global investment banking fees (e)	8.1%	#1	7.6%	#1
Debt, equity and equity-related
Global	6.8	1	7.2	1
U.S.	11.1	1	11.1	1
Syndicated loans
Global	11.0	1	8.5	2
U.S.	21.4	1	19.1	2
Long-term debt (f)
Global	6.7	1	7.2	2
U.S.	11.2	1	10.9	2
Equity and equity-related
Global (g)	6.8	3	7.3	3
U.S.	12.5	1	13.1	2
Announced M&A (h)
Global	18.6	2	15.9	4
U.S.	27.5	2	21.9	3

(a) Average value-at-risk (“ 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. The risk of a portfolio of positions is therefore usually less than the sum of the risks of the positions themselves.

(b) Trading VaR includes substantially all trading activities in IB, including the credit spread sensitivities of certain mortgage products and syndicated lending facilities that the Firm intends to distribute; however, particular risk parameters of certain products are not fully captured, for example, correlation risk. Trading VaR does not include the debit valuation adjustments (“DVA”) taken on derivative and structured liabilities to reflect the credit quality of the Firm.

(c) Credit portfolio VaR includes the derivative credit valuation adjustments (“CVA”), hedges of the CVA and mark-to-market (“MTM”) hedges of the retained loan portfolio, which are all reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not MTM.

(d) Source: Dealogic. Global Investment Banking fees reflects the ranking of fees and market share. Remainder of rankings reflects transaction volume rank and market share.

(e) Global IB fees exclude money market, short-term debt and shelf deals.

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

(g) Equity and equity-related rankings include rights offerings and Chinese A-Shares.

(h) Global announced M&A is based on transaction value at announcement; all other rankings are based on transaction proceeds, with full credit to each book manager/equal if joint. Because of joint assignments, market share of all participants will add up to more than 100%. M&A for full year 2011 and 2010 reflects the removal of any withdrawn transactions. U.S. announced M&A represents any U.S. involvement ranking.

Page 11

JPMORGAN CHASE & CO. INVESTMENT BANK FINANCIAL HIGHLIGHTS, CONTINUED (in millions)

	QUARTERLY TRENDS																FULL YEAR
											4Q11 Change										2011 Change
	4Q11		3Q11		2Q11		1Q11		4Q10		3Q11			4Q10			2011		2010		2010
INTERNATIONAL METRICS
Total net revenue: (a)
Europe/Middle East/Africa	$	1,353	$	1,995	$	2,478	$	2,592	$	1,423		(32	)%		(5	)%	$	8,418	$	7,380		14	%
Asia/Pacific		502		948		762		1,122		927		(47	)		(46	)		3,334		3,809		(12	)
Latin America/Caribbean		240		175		337		327		172		37			40			1,079		897		20
North America		2,263		3,251		3,737		4,192		3,691		(30	)		(39	)		13,443		14,131		(5	)
Total net revenue	$	4,358	$	6,369	$	7,314	$	8,233	$	6,213		(32	)		(30	)	$	26,274	$	26,217		—
Loans (period-end): (b)
Europe/Middle East/Africa	$	15,905	$	15,361	$	15,370	$	14,059	$	13,961		4			14		$	15,905	$	13,961		14
Asia/Pacific		7,889		6,892		6,211		5,472		5,924		14			33			7,889		5,924		33
Latin America/Caribbean		3,148		3,222		2,633		2,190		2,200		(2	)		43			3,148		2,200		43
North America		41,266		32,688		31,893		30,991		31,060		26			33			41,266		31,060		33
Total loans	$	68,208	$	58,163	$	56,107	$	52,712	$	53,145		17			28		$	68,208	$	53,145		28

(a) Regional revenue is based primarily on the domicile of the client and/or location of the trading desk.

(b) Includes retained loans based on the domicile of the client. Excludes loans held-for-sale and loans at fair value.

Page 12

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	808		$	833		$	813		$	736		$	728			(3	)%		11	%	$	3,190		$	3,061			4	%
Asset management, administration and commissions		494			513			499			485			454			(4	)		9			1,991			1,776			12
Mortgage fees and related income		723			1,380			1,100			(489	)		1,609			(48	)		(55	)		2,714			3,855			(30	)
Credit card income		305			611			572			537			524			(50	)		(42	)		2,025			1,955			4
Other income		107			136			131			111			128			(21	)		(16	)		485			580			(16	)
Noninterest revenue		2,437			3,473			3,115			1,380			3,443			(30	)		(29	)		10,405			11,227			(7	)
Net interest income		3,958			4,062			4,027			4,086			4,256			(3	)		(7	)		16,133			17,220			(6	)
TOTAL NET REVENUE (a)		6,395			7,535			7,142			5,466			7,699			(15	)		(17	)		26,538			28,447			(7	)
Provision for credit losses		779			1,027			994			1,199			2,418			(24	)		(68	)		3,999			8,919			(55	)
NONINTEREST EXPENSE
Compensation expense		2,130			2,101			1,937			1,876			1,816			1			17			8,044			7,072			14
Noncompensation expense		2,534			2,404			3,274			2,964			2,587			5			(2	)		11,176			9,135			22
Amortization of intangibles		58			60			60			60			68			(3	)		(15	)		238			276			(14	)
TOTAL NONINTEREST EXPENSE		4,722			4,565			5,271			4,900			4,471			3			6			19,458			16,483			18
Income/(loss) before income tax expense/(benefit)		894			1,943			877			(633	)		810			(54	)		10			3,081			3,045			1
Income tax expense/(benefit)		361			782			494			(234	)		351			(54	)		3			1,403			1,317			7
NET INCOME/(LOSS)	$	533		$	1,161		$	383		$	(399	)	$	459			(54	)		16		$	1,678		$	1,728			(3	)
FINANCIAL RATIOS
ROE		8	%		18	%		6	%		(6	)%		7	%								7	%		7	%
Overhead ratio		74			61			74			90			58									73			58
Overhead ratio excluding core deposit intangibles (b)		73			60			73			89			57									72			57
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	274,795		$	276,799		$	283,753		$	289,336		$	299,950			(1	)		(8	)	$	274,795		$	299,950			(8	)
Loans:
Loans retained		232,555			235,572			241,127			247,128			253,904			(1	)		(8	)		232,555			253,904			(8	)
Loans held-for-sale and loans at fair value (c)		12,694			13,153			13,558			12,234			14,863			(3	)		(15	)		12,694			14,863			(15	)
Total loans		245,249			248,725			254,685			259,362			268,767			(1	)		(9	)		245,249			268,767			(9	)
Deposits		395,797			388,735			378,371			379,605			369,925			2			7			395,797			369,925			7
Equity		25,000			25,000			25,000			25,000			24,600			—			2			25,000			24,600			2
SELECTED BALANCE SHEET DATA (average)
Total assets		278,497			283,443			287,235			297,938			307,040			(2	)		(9	)		286,716			314,046			(9	)
Loans:
Loans retained		233,958			238,273			244,030			250,443			257,500			(2	)		(9	)		241,621			268,902			(10	)
Loans held-for-sale and loans at fair value (c)		16,680			16,608			14,613			17,519			18,877			—			(12	)		16,354			15,395			6
Total loans		250,638			254,881			258,643			267,962			276,377			(2	)		(9	)		257,975			284,297			(9	)
Deposits		389,519			382,202			378,932			371,787			367,032			2			6			380,663			361,525			5
Equity		25,000			25,000			25,000			25,000			24,600			—			2			25,000			24,600			2
Headcount		133,075			128,992			122,728			118,547			116,882			3			14			133,075			116,882			14

(a) Total net revenue included tax-equivalent adjustments associated with tax-exempt loans to municipalities and other qualified entities of $2 million, $2 million, $1 million, $2 million and zero for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and $7 million and $8 million for full year 2011 and 2010, respectively.

(b) Retail Financial Services uses the overhead ratio (excluding the amortization of core deposit intangibles (“CDI”)), a non-GAAP financial measure, to evaluate the underlying expense trends of the business. Including CDI amortization expense in the overhead ratio calculation would result in a higher overhead ratio in the earlier years and a lower overhead ratio in later years; this method would therefore result in an improving overhead ratio over time, all things remaining equal. This non-GAAP ratio excludes Consumer & Business Banking’s CDI amortization expense related to prior business combination transactions of $58 million, $60 million, $60 million, $60 million and $68 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and $238 million and $276 million for full year 2011 and 2010, respectively.

(c) Loans at fair value consist of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as trading assets on the Consolidated Balance Sheets. These loans totaled $12.7 billion, $13.0 billion, $13.3 billion, $12.0 billion and $14.7 billion at December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively. Average balances of these loans totaled $16.6 billion, $16.5 billion, $14.5 billion, $17.4 billion and $18.7 billion for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and $16.3 billion and $15.2 billion for full year 2011 and 2010, respectively.

Page 13

JPMORGAN CHASE & CO. RETAIL FINANCIAL SERVICES FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratio data)

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	1,009		$	1,027		$	1,069		$	1,199		$	1,970			(2	)%		(49	)%	$	4,304		$	7,221			(40	)%
Nonaccrual loans:
Nonaccrual loans retained		7,170			7,579			8,088			8,278			8,568			(5	)		(16	)		7,170			8,568			(16	)
Nonaccrual loans held-for-sale and loans at fair value		103			132			142			150			145			(22	)		(29	)		103			145			(29	)
Total nonaccrual loans (a)(b)(c)		7,273			7,711			8,230			8,428			8,713			(6	)		(17	)		7,273			8,713			(17	)
Nonperforming assets (a)(b)(c)		8,064			8,576			9,175			9,632			9,999			(6	)		(19	)		8,064			9,999			(19	)
Allowance for loan losses		15,247			15,479			15,479			15,554			15,554			(1	)		(2	)		15,247			15,554			(2	)
Net charge-off rate (d)		1.71	%		1.71	%		1.76	%		1.94	%		3.04	%								1.78	%		2.69	%
Net charge-off rate excluding purchased credit-impaired (“PCI”) loans (d)(e)		2.39			2.39			2.46			2.72			4.25									2.49			3.76
Allowance for loan losses to ending loans retained (d)		6.56			6.57			6.42			6.29			6.13									6.56			6.13
Allowance for loan losses to ending loans retained excluding PCI loans (d)(e)		5.71			6.26			6.12			6.02			5.86									5.71			5.86
Allowance for loan losses to nonaccrual loans retained (a)(d)(e)		133			139			130			128			124									133			124
Nonaccrual loans to total loans		2.97			3.10			3.23			3.25			3.24									2.97			3.24
Nonaccrual loans to total loans excluding PCI loans (a)		4.05			4.25			4.43			4.47			4.45									4.05			4.45

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

(b) Certain of these loans are classified as trading assets on the Consolidated Balance Sheets.

(c) At December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $11.5 billion, $9.5 billion, $9.1 billion, $8.8 billion and $9.4 billion, respectively, that are 90 or more days past due; and (2) real estate owned insured by U.S. government agencies of $1.0 billion, $2.4 billion, $2.4 billion, $2.3 billion and $1.9 billion, respectively. These amounts are excluded as reimbursement of insured amounts is proceeding normally.

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

(e) Excludes the impact of PCI loans that were acquired as part of the Washington Mutual transaction. These loans were accounted for at fair value on the acquisition date, which incorporated management’s estimate, as of that date, of credit losses over the remaining life of the portfolio. An allowance for loan losses of $5.7 billion at December 31, 2011 and $4.9 billion at September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010 was recorded for these loans; these amounts were also excluded from the applicable ratios. To date, no charge-offs have been recorded for these loans.

Page 14

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
CONSUMER & BUSINESS BANKING
Noninterest revenue	$	1,603		$	1,952		$	1,889		$	1,757		$	1,716			(18	)%		(7	)%	$	7,201		$	6,844			5	%
Net interest income		2,714			2,730			2,706			2,659			2,693			(1	)		1			10,809			10,884			(1	)
Total net revenue		4,317			4,682			4,595			4,416			4,409			(8	)		(2	)		18,010			17,728			2
Provision for credit losses		132			126			42			119			69			5			91			419			630			(33	)
Noninterest expense		2,848			2,842			2,713			2,799			2,676			—			6			11,202			10,717			5
Income before income tax expense		1,337			1,714			1,840			1,498			1,664			(22	)		(20	)		6,389			6,381			—
Net income	$	802		$	1,023		$	1,098		$	893		$	952			(22	)		(16	)	$	3,816		$	3,652			4
Overhead ratio		66	%		61	%		59	%		63	%		61	%								62	%		60	%
Overhead ratio excluding core deposit intangibles (a)		65			59			58			62			59									61			59
BUSINESS METRICS
Business banking origination volume	$	1,389		$	1,440		$	1,573		$	1,425		$	1,435			(4	)		(3	)	$	5,827		$	4,688			24
End-of-period loans		17,652			17,272			17,141			16,957			16,812			2			5			17,652			16,812			5
End-of-period deposits:
Checking		147,779			142,064			136,297			137,463			131,702			4			12			147,779			131,702			12
Savings		191,891			186,733			182,127			180,345			170,604			3			12			191,891			170,604			12
Time and other		36,743			39,017			41,948			44,001			45,967			(6	)		(20	)		36,743			45,967			(20	)
Total end-of-period deposits		376,413			367,814			360,372			361,809			348,273			2			8			376,413			348,273			8
Average loans		17,363			17,172			17,057			16,886			16,584			1			5			17,121			16,863			2
Average deposits:
Checking		140,672			137,033			136,558			131,954			126,604			3			11			136,579			123,490			11
Savings		189,553			184,590			180,892			175,133			168,746			3			12			182,587			166,112			10
Time and other		37,708			40,588			43,053			45,035			47,436			(7	)		(21	)		41,574			51,149			(19	)
Total average deposits		367,933			362,211			360,503			352,122			342,786			2			7			360,740			340,751			6
Deposit margin		2.76	%		2.82	%		2.83	%		2.88	%		2.96	%								2.82	%		3.00	%
Average assets	$	30,373		$	30,074		$	29,047		$	29,409		$	29,110			1			4		$	29,729		$	29,307			1
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs		132			126			117			119			169			5			(22	)		494			730			(32	)
Net charge-off rate		3.02	%		2.91	%		2.74	%		2.86	%		4.04	%								2.89	%		4.32	%
Nonperforming assets	$	710		$	773		$	784		$	822		$	846			(8	)		(16	)	$	710		$	846			(16	)
RETAIL BRANCH BUSINESS METRICS
Investment sales volume		4,696			5,102			6,334			6,584			6,069			(8	)		(23	)		22,716			23,579			(4	)
Client investment assets		137,853			132,255			140,285			138,150			133,114			4			4			137,853			133,114			4
% managed accounts		24	%		23	%		23	%		22	%		20	%								24	%		20	%
Number of:
Branches		5,508			5,396			5,340			5,292			5,268			2			5			5,508			5,268			5
Chase Private Client branch locations		262			139			16			16			16			88			NM			262			16			NM
ATMs		17,235			16,708			16,443			16,265			16,145			3			7			17,235			16,145			7
Personal bankers (b)		24,308			24,205			23,330			21,894			21,735			—			12			24,308			21,735			12
Sales specialists (b)		6,017			5,639			5,289			5,039			4,876			7			23			6,017			4,876			23
Client advisors		3,201			3,177			3,112			3,051			3,066			1			4			3,201			3,066			4
Active online customers (in thousands) (b)		17,334			17,326			17,083			17,339			16,855			—			3			17,334			16,855			3
Active mobile customers (in thousands) (b)		8,391			7,234			6,580			6,025			5,337			16			57			8,391			5,337			57
Chase Private Clients		21,723			11,711			5,807			4,829			4,242			85			412			21,723			4,242			412
Checking accounts (in thousands)		26,626			26,541			26,266			26,622			27,252			—			(2	)		26,626			27,252			(2	)

(a) Consumer & Business Banking uses the overhead ratio (excluding the amortization of CDI), a non-GAAP financial measure, to evaluate the underlying expense trends of the business. Including CDI amortization expense in the overhead ratio calculation would result in a higher overhead ratio in the earlier years and a lower overhead ratio in later years; this method would therefore result in an improving overhead ratio over time, all things remaining equal. This non-GAAP ratio excludes Consumer & Business Banking’s CDI amortization expense related to prior business combination transactions of $58 million, $60 million, $60 million, $60 million and $68 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and $238 million and $276 million for full year 2011 and 2010, respectively.

(b) In the fourth quarter of 2011, the classification of personal bankers, sales specialists, and active online and mobile customers was refined, as such, prior periods have been revised to conform with the current presentation. For further discussion, see Glossary of Terms on page 48.

Page 15

JPMORGAN CHASE & CO. RETAIL FINANCIAL SERVICES FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratio data)

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
MORTGAGE PRODUCTION AND SERVICING
Mortgage fees and related income	$	723		$	1,380		$	1,100		$	(489	)	$	1,609			(48	)%		(55	)%	$	2,714		$	3,855			(30	)%
Other noninterest revenue		124			118			106			104			108			5			15			452			413			9
Net interest income		171			204			124			271			244			(16	)		(30	)		770			904			(15	)
Total net revenue		1,018			1,702			1,330			(114	)		1,961			(40	)		(48	)		3,936			5,172			(24	)
Provision for credit losses		1			2			(2	)		4			12			(50	)		(92	)		5			58			(91	)
Noninterest expense		1,442			1,360			2,187			1,746			1,382			6			4			6,735			4,139			63
Income/(loss) before income tax expense/(benefit)		(425	)		340			(855	)		(1,864	)		567			NM			NM			(2,804	)		975			NM
Net income/(loss)	$	(258	)	$	205		$	(649	)	$	(1,130	)	$	330			NM			NM		$	(1,832	)	$	569			NM
Overhead ratio		142	%		80	%		164	%		NM	%		70	%								171	%		80	%
FUNCTIONAL RESULTS
Production
Production revenue	$	859		$	1,090		$	767		$	679		$	1,098			(21	)		(22	)	$	3,395		$	3,440			(1	)
Production-related net interest & other income		210			213			199			218			240			(1	)		(13	)		840			869			(3	)
Production-related revenue, excl. repurchase losses		1,069			1,303			966			897			1,338			(18	)		(20	)		4,235			4,309			(2	)
Production expense		518			496			457			424			436			4			19			1,895			1,613			17
Income, excluding repurchase losses		551			807			509			473			902			(32	)		(39	)		2,340			2,696			(13	)
Repurchase losses		(390	)		(314	)		(223	)		(420	)		(349	)		(24	)		(12	)		(1,347	)		(2,912	)		54
Income/(loss) before income tax expense/(benefit)		161			493			286			53			553			(67	)		(71	)		993			(216	)		NM
Servicing
Loan servicing revenue		1,032			1,039			1,011			1,052			1,129			(1	)		(9	)		4,134			4,575			(10	)
Servicing-related net interest & other income		90			115			29			156			108			(22	)		(17	)		390			433			(10	)
Servicing-related revenue		1,122			1,154			1,040			1,208			1,237			(3	)		(9	)		4,524			5,008			(10	)
MSR asset amortization		(406	)		(457	)		(478	)		(563	)		(555	)		11			27			(1,904	)		(2,384	)		20
Default servicing expense (a)		702			585			1,449			1,078			720			20			(3	)		3,814			1,747			118
Core servicing expense		223			281			279			248			238			(21	)		(6	)		1,031			837			23
Income/(loss), excluding MSR risk management		(209	)		(169	)		(1,166	)		(681	)		(276	)		(24	)		24			(2,225	)		40			NM
MSR risk management, incl. related net interest income/ (expense) (b)		(377	)		16			25			(1,236	)		290			NM			NM			(1,572	)		1,151			NM
Income/(loss) before income tax expense/(benefit)		(586	)		(153	)		(1,141	)		(1,917	)		14			(283	)		NM			(3,797	)		1,191			NM
Net Income/(loss)	$	(258	)	$	205		$	(649	)	$	(1,130	)	$	330			NM			NM		$	(1,832	)	$	569			NM
SUPPLEMENTAL MORTGAGE FEES AND RELATED INCOME DETAILS
Net production revenue:
Production revenue	$	859		$	1,090		$	767		$	679		$	1,098			(21	)		(22	)	$	3,395		$	3,440			(1	)
Repurchase losses		(390	)		(314	)		(223	)		(420	)		(349	)		(24	)		(12	)		(1,347	)		(2,912	)		54
Net production revenue		469			776			544			259			749			(40	)		(37	)		2,048			528			288
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue		1,032			1,039			1,011			1,052			1,129			(1	)		(9	)		4,134			4,575			(10	)
Changes in MSR asset fair value due to modeled servicing portfolio runoff (c)		(406	)		(457	)		(478	)		(563	)		(555	)		11			27			(1,904	)		(2,384	)		20
Total operating revenue		626			582			533			489			574			8			9			2,230			2,191			2
Risk management:
Changes in MSR asset fair value due to inputs or assumptions in model		(832	)		(4,574	)		(960	)		(751	)		2,909			82			NM			(7,117	)		(2,268	)		(214	)
Derivative valuation adjustments and other		460			4,596			983			(486	)		(2,623	)		(90	)		NM			5,553			3,404			63
Total risk management		(372	)(d)		22			23			(1,237	)		286			NM			NM			(1,564	)(e)		1,136			NM
Total net mortgage servicing revenue		254			604			556			(748	)		860			(58	)		(70	)		666			3,327			(80	)
Mortgage fees and related income	$	723		$	1,380		$	1,100		$	(489	)	$	1,609			(48	)		(55	)	$	2,714		$	3,855			(30	)

(a) Includes $1.7 billion estimated litigation and other costs of foreclosure-related matters for full year 2011.

(b) MSR risk management predominantly includes: (1) changes in the MSR asset fair value due to changes in market interest rates and other modeled inputs and assumptions, and (2) changes in the value of the derivatives used to hedge the MSR asset.

(c) Predominantly represents modeled MSR asset amortization.

(d) In the fourth quarter of 2011, the Firm recognized a loss of $832 million due to a decrease in the fair value of the MSR asset, which included the following: (1) $569 million of refinements to the valuation model and related inputs comprising updates to the prepayment model, including the impact of the Home Affordable Refinance Program (“HARP”) 2.0, revised fee and cost to service assumptions, and an increase in the option adjusted spread (“OAS”) to reflect higher return and capital requirements; and (2) $263 million of losses due to changes in market interest rates. Offsetting this loss, the Firm recognized a $460 million gain on the derivatives used to hedge the MSR asset.

(e) For full year 2011, the Firm recognized a loss of $7.1 billion due to a decrease in the fair value of the MSR asset, which included the following: (1) $1.7 billion of refinements to the valuation model and related inputs including the $569 million described in footnote (d) and $1.1 billion related to revised cost to service assumptions incorporated in the MSR valuation in the first quarter of 2011; and (2) a $5.4 billion loss due to changes in market interest rates. Offsetting this loss, the Firm recognized a $5.6 billion gain on the derivatives used to hedge the MSR asset for the full year 2011.

Page 16

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
MORTGAGE PRODUCTION AND SERVICING (continued)
SELECTED BALANCE SHEET DATA
End-of-period loans:
Prime mortgage, including option ARMs (a)(b)	$	16,891		$	14,800		$	14,260		$	14,147		$	14,186			14	%		19	%	$	16,891		$	14,186			19	%
Loans held-for-sale and loans at fair value (c)		12,694			13,153			13,558			12,234			14,863			(3	)		(15	)		12,694			14,863			(15	)
Average loans:
Prime mortgage, including option ARMs (a)(d)		15,733			14,451			14,083			14,037			13,916			9			13			14,580			13,422			9
Loans held-for-sale and loans at fair value (c)		16,680			16,608			14,613			17,519			18,877			—			(12	)		16,354			15,395			6
Average assets		60,473			59,677			58,072			61,354			62,693			1			(4	)		59,891			57,778			4
Repurchase reserve (ending)		3,213			3,213			3,213			3,205			3,000			—			7			3,213			3,000			7
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries):
Prime mortgage, including option ARMs		1			2			(2	)		4			12			(50	)		(92	)		5			41			(88	)
Net charge-off/(recovery) rate:
Prime mortgage, including option ARMs (d)		0.03	%		0.06	%		(0.06	)%		0.12	%		0.35	%								0.03	%		0.31	%
30+ day delinquency rate (b)(e)		3.15			3.35			3.30			3.21			3.44									3.15			3.44
Nonperforming assets (f)	$	716		$	691		$	662		$	658		$	729			4			(2	)	$	716		$	729			(2	)
BUSINESS METRICS (in billions)
Origination volume by channel
Retail		23.1			22.4			20.7			21.0			22.9			3			1			87.2			68.8			27
Wholesale (g)		0.1			0.1			0.1			0.2			0.3			—			(67	)		0.5			1.3			(62	)
Correspondent (g)		14.9			13.4			10.3			13.5			25.5			11			(42	)		52.1			75.3			(31	)
CNT (negotiated transactions)		0.5			0.9			2.9			1.5			2.1			(44	)		(76	)		5.8			10.2			(43	)
Total origination volume		38.6			36.8			34.0			36.2			50.8			5			(24	)		145.6			155.6			(6	)
Application volume by channel
Retail		34.6			37.7			33.6			31.3			32.4			(8	)		7			137.2			115.1			19
Wholesale (g)		0.2			0.2			0.3			0.3			0.4			—			(50	)		1.0			2.4			(58	)
Correspondent (g)		17.8			20.2			14.9			13.6			24.9			(12	)		(29	)		66.5			97.3			(32	)
Total application volume		52.6			58.1			48.8			45.2			57.7			(9	)		(9	)		204.7			214.8			(5	)
Third-party mortgage loans serviced (ending)		902.2			924.5			940.8			955.0			967.5			(2	)		(7	)		902.2			967.5			(7	)
Third-party mortgage loans serviced (average)		913.2			931.4			947.0			958.7			981.7			(2	)		(7	)		937.6			1,037.6			(10	)
MSR net carrying value (ending)		7.2			7.8			12.2			13.1			13.6			(8	)		(47	)		7.2			13.6			(47	)
Ratio of MSR net carrying value (ending) to third-party mortgage loans serviced (ending)		0.80	%		0.84	%		1.30	%		1.37	%		1.41	%								0.80	%		1.41	%
Ratio of annualized loan servicing revenue to third-party mortgage loans serviced (average)		0.45			0.44			0.43			0.45			0.46									0.44			0.44
MSR revenue multiple (h)		1.78	x		1.91	x		3.02	x		3.04	x		3.07	x								1.82	x		3.20	x

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

(b) End-of-period loans owned includes loans held-for-sale of zero, $131 million, $221 million, $188 million and $154 million at December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively. No allowance for loan losses was recorded for these loans. These amounts are excluded when calculating the 30+ day delinquency rate.

(c) Loans at fair value consist of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as trading assets on the Consolidated Balance Sheets. These loans totaled $12.7 billion, $13.0 billion, $13.3 billion, $12.0 billion and $14.7 billion at December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively. Average balances of these loans totaled $16.6 billion, $16.5 billion, $14.5 billion, $17.4 billion and $18.7 billion for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and $16.3 billion and $15.2 billion for full year 2011 and 2010, respectively.

(d) Average loans owned includes loans held-for-sale of $49 million, $108 million, $76 million, $133 million and $185 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and $91 million and $204 million for full year 2011 and 2010, respectively. No allowance for loan losses was recorded for these loans. These amounts are excluded when calculating the net charge-off rate.

(e) Excludes mortgage loans insured by U.S. government agencies of $12.6 billion, $10.5 billion, $10.1 billion, $9.5 billion and $10.3 billion at December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, that are 30 or more days past due. These amounts are excluded as reimbursement of insured amounts is proceeding normally.

(f) At December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $11.5 billion, $9.5 billion, $9.1 billion, $8.8 billion and $9.4 billion, respectively, that are 90 or more days past due; and (2) real estate owned insured by U.S. government agencies of $1.0 billion, $2.4 billion, $2.4 billion, $2.3 billion and $1.9 billion, respectively. These amounts are excluded as reimbursement of insured amounts is proceeding normally.

(g) Includes rural housing loans sourced through brokers and correspondents, which are underwritten under Rural Housing Services.

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

Page 17

JPMORGAN CHASE & CO. RETAIL FINANCIAL SERVICES FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratio data)

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
REAL ESTATE PORTFOLIOS
Noninterest revenue	$	(13	)	$	23		$	20		$	8		$	10			NM	%		NM	%	$	38		$	115			(67	)%
Net interest income		1,073			1,128			1,197			1,156			1,319			(5	)		(19	)		4,554			5,432			(16	)
Total net revenue		1,060			1,151			1,217			1,164			1,329			(8	)		(20	)		4,592			5,547			(17	)
Provision for credit losses		646			899			954			1,076			2,337			(28	)		(72	)		3,575			8,231			(57	)
Noninterest expense		432			363			371			355			413			19			5			1,521			1,627			(7	)
Income/(loss) before income tax expense/(benefit)		(18	)		(111	)		(108	)		(267	)		(1,421	)		84			99			(504	)		(4,311	)		88
Net income/(loss)	$	(11	)	$	(67	)	$	(66	)	$	(162	)	$	(823	)		84			99		$	(306	)	$	(2,493	)		88
Overhead ratio		41	%		32	%		30	%		30	%		31	%								33	%		29	%
BUSINESS METRICS
LOANS EXCLUDING PCI LOANS (a)
End-of-period loans owned:
Home equity	$	77,800		$	80,278		$	82,751		$	85,253		$	88,385			(3	)		(12	)	$	77,800		$	88,385			(12	)
Prime mortgage, including option ARMs		44,284			45,439			46,994			48,552			49,768			(3	)		(11	)		44,284			49,768			(11	)
Subprime mortgage		9,664			10,045			10,441			10,841			11,287			(4	)		(14	)		9,664			11,287			(14	)
Other		718			741			767			801			857			(3	)		(16	)		718			857			(16	)
Total end-of-period loans owned	$	132,466		$	136,503		$	140,953		$	145,447		$	150,297			(3	)		(12	)	$	132,466		$	150,297			(12	)
Average loans owned:
Home equity	$	79,106		$	81,568		$	84,065		$	86,907		$	90,234			(3	)		(12	)	$	82,886		$	94,835			(13	)
Prime mortgage, including option ARMs		44,886			46,165			47,615			49,273			50,643			(3	)		(11	)		46,971			53,431			(12	)
Subprime mortgage		9,880			10,268			10,667			11,086			11,789			(4	)		(16	)		10,471			12,729			(18	)
Other		729			753			785			829			879			(3	)		(17	)		773			954			(19	)
Total average loans owned	$	134,601		$	138,754		$	143,132		$	148,095		$	153,545			(3	)		(12	)	$	141,101		$	161,949			(13	)
PCI LOANS (a)
End-of-period loans owned:
Home equity	$	22,697		$	23,105		$	23,535		$	23,973		$	24,459			(2	)		(7	)	$	22,697		$	24,459			(7	)
Prime mortgage		15,180			15,626			16,200			16,725			17,322			(3	)		(12	)		15,180			17,322			(12	)
Subprime mortgage		4,976			5,072			5,187			5,276			5,398			(2	)		(8	)		4,976			5,398			(8	)
Option ARMs		22,693			23,325			24,072			24,791			25,584			(3	)		(11	)		22,693			25,584			(11	)
Total end-of-period loans owned	$	65,546		$	67,128		$	68,994		$	70,765		$	72,763			(2	)		(10	)	$	65,546		$	72,763			(10	)
Average loans owned:
Home equity	$	22,872		$	23,301		$	23,727		$	24,170		$	24,685			(2	)		(7	)	$	23,514		$	25,455			(8	)
Prime mortgage		15,405			15,909			16,456			16,974			17,604			(3	)		(12	)		16,181			18,526			(13	)
Subprime mortgage		5,024			5,128			5,231			5,301			5,439			(2	)		(8	)		5,170			5,671			(9	)
Option ARMs		23,009			23,666			24,420			25,113			25,912			(3	)		(11	)		24,045			27,220			(12	)
Total average loans owned	$	66,310		$	68,004		$	69,834		$	71,558		$	73,640			(2	)		(10	)	$	68,910		$	76,872			(10	)
TOTAL REAL ESTATE PORTFOLIOS
End-of-period loans owned:
Home equity	$	100,497		$	103,383		$	106,286		$	109,226		$	112,844			(3	)		(11	)	$	100,497		$	112,844			(11	)
Prime mortgage, including option ARMs		82,157			84,390			87,266			90,068			92,674			(3	)		(11	)		82,157			92,674			(11	)
Subprime mortgage		14,640			15,117			15,628			16,117			16,685			(3	)		(12	)		14,640			16,685			(12	)
Other		718			741			767			801			857			(3	)		(16	)		718			857			(16	)
Total end-of-period loans owned	$	198,012		$	203,631		$	209,947		$	216,212		$	223,060			(3	)		(11	)	$	198,012		$	223,060			(11	)
Average loans owned:
Home equity	$	101,978		$	104,869		$	107,792		$	111,077		$	114,919			(3	)		(11	)	$	106,400		$	120,290			(12	)
Prime mortgage, including option ARMs		83,300			85,740			88,491			91,360			94,159			(3	)		(12	)		87,197			99,177			(12	)
Subprime mortgage		14,904			15,396			15,898			16,387			17,228			(3	)		(13	)		15,641			18,400			(15	)
Other		729			753			785			829			879			(3	)		(17	)		773			954			(19	)
Total average loans owned	$	200,911		$	206,758		$	212,966		$	219,653		$	227,185			(3	)		(12	)	$	210,011		$	238,821			(12	)
Average assets		187,651			193,692			200,116			207,175			215,237			(3	)		(13	)		197,096			226,961			(13	)
Home equity origination volume		277			294			307			249			280			(6	)		(1	)		1,127			1,203			(6	)

(a) PCI loans represent loans acquired in the Washington Mutual transaction for which a deterioration in credit quality occurred between the origination date and JPMorgan Chase’s acquisition date. These loans were initially recorded at fair value and accrete interest income over the estimated lives of the loans as long as cash flows are reasonably estimable, even if the underlying loans are contractually past due.

Page 18

JPMORGAN CHASE & CO. RETAIL FINANCIAL SERVICES FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratio data)

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
REAL ESTATE PORTFOLIOS (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs excluding PCI loans (a)(b)
Home equity	$	579		$	581		$	592		$	720		$	792			—	%		(27	)%	$	2,472		$	3,444			(28	)%
Prime mortgage, including option ARMs		151			172			198			161			558			(12	)		(73	)		682			1,573			(57	)
Subprime mortgage		143			141			156			186			429			1			(67	)		626			1,374			(54	)
Other		3			5			8			9			10			(40	)		(70	)		25			59			(58	)
Total net charge-offs	$	876		$	899		$	954		$	1,076		$	1,789			(3	)		(51	)	$	3,805		$	6,450			(41	)
Net charge-off rate excluding PCI loans (a)(b)
Home equity		2.90	%		2.82	%		2.83	%		3.36	%		3.48	%								2.98	%		3.63	%
Prime mortgage, including option ARMs		1.33			1.48			1.67			1.32			4.37									1.45			2.95
Subprime mortgage		5.74			5.43			5.85			6.80			14.42									5.98			10.82
Other		1.63			2.83			4.01			4.56			4.41									3.23			5.90
Total net charge-off rate excluding PCI loans		2.58			2.57			2.67			2.95			4.62									2.70			3.98
Net charge-off rate — reported
Home equity		2.25	%		2.20	%		2.20	%		2.63	%		2.73	%								2.32	%		2.86	%
Prime mortgage, including option ARMs		0.72			0.80			0.90			0.71			2.35									0.78			1.59
Subprime mortgage		3.81			3.63			3.94			4.60			9.90									4.00			7.47
Other		1.63			2.83			4.01			4.56			4.41									3.23			5.90
Total net charge-off rate — reported		1.73			1.72			1.80			1.99			3.12									1.81			2.70
30+ day delinquency rate excluding PCI loans (c)		5.69	%		5.80	%		5.98	%		6.22	%		6.45	%								5.69	%		6.45	%
Allowance for loan losses	$	14,429		$	14,659		$	14,659		$	14,659		$	14,659			(2	)		(2	)	$	14,429		$	14,659			(2	)
Nonperforming assets (d)		6,638			7,112			7,729			8,152			8,424			(7	)		(21	)		6,638			8,424			(21	)
Allowance for loan losses to ending loans retained		7.29	%		7.20	%		6.98	%		6.78	%		6.57	%								7.29	%		6.57	%
Allowance for loan losses to ending loans retained excluding PCI loans (a)		6.58			7.12			6.90			6.68			6.47									6.58			6.47

(a) Excludes the impact of PCI loans that were acquired as part of the Washington Mutual transaction. These loans were accounted for at fair value on the acquisition date, which incorporated management’s estimate, as of that date, of credit losses over the remaining life of the portfolio. An allowance for loan losses of $5.7 billion at December 31, 2011 and $4.9 billion at September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010 was recorded for these loans; these amounts were also excluded from the applicable ratios. To date, no charge-offs have been recorded for these loans.

(b) Net charge-offs and net charge-off rates for the fourth quarter of 2010 include the effect of $632 million of charge-offs related to an adjustment of the estimated net realizable value of the collateral underlying delinquent residential home loans. Excluding this adjustment, net charge-offs for the fourth quarter of 2010 were $725 million, $240 million and $182 million for the home equity, prime mortgage including option ARMs and subprime mortgage portfolios, respectively. Net charge-off rates excluding this adjustment and excluding PCI loans were 3.19%, 1.88% and 6.12% for the home equity, prime mortgage including option ARMs and subprime mortgage portfolios, respectively.

(c) The delinquency rate for PCI loans was 23.30%, 24.44%, 26.20%, 27.36% and 28.20% at December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively.

(d) Excludes PCI loans that were acquired as part of the Washington Mutual transaction, which are accounted for on a pool basis. Since each pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, the past-due status of the pools, or that of the individual loans within the pools, is not meaningful. Because the Firm is recognizing interest income on each pool of loans, they are all considered to be performing.

Page 19

JPMORGAN CHASE & CO. CARD SERVICES & AUTO FINANCIAL HIGHLIGHTS (in millions, except ratio data and headcount)

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
INCOME STATEMENT (a)
REVENUE
Credit card income	$	1,053		$	1,053		$	1,123		$	898		$	928			—	%		13	%	$	4,127		$	3,514			17	%
All other income		232			201			183			149			177			15			31			765			764			—
Noninterest revenue (b)		1,285			1,254			1,306			1,047			1,105			2			16			4,892			4,278			14
Net interest income		3,529			3,521			3,455			3,744			3,967			—			(11	)		14,249			16,194			(12	)
TOTAL NET REVENUE (c)		4,814			4,775			4,761			4,791			5,072			1			(5	)		19,141			20,472			(7	)
Provision for credit losses		1,060			1,264			944			353			709			(16	)		50			3,621			8,570			(58	)
NONINTEREST EXPENSE
Compensation expense		460			459			448			459			407			—			13			1,826			1,651			11
Noncompensation expense		1,470			1,560			1,436			1,352			1,346			(6	)		9			5,818			5,060			15
Amortization of intangibles		95			96			104			106			114			(1	)		(17	)		401			467			(14	)
TOTAL NONINTEREST EXPENSE (d)		2,025			2,115			1,988			1,917			1,867			(4	)		8			8,045			7,178			12
Income before income tax expense		1,729			1,396			1,829			2,521			2,496			24			(31	)		7,475			4,724			58
Income tax expense		678			547			719			987			948			24			(28	)		2,931			1,852			58
NET INCOME	$	1,051		$	849		$	1,110		$	1,534		$	1,548			24			(32	)	$	4,544		$	2,872			58
FINANCIAL RATIOS (a)
ROE		26	%		21	%		28	%		39	%		33	%								28	%		16	%
Overhead ratio		42			44			42			40			37									42			35
SELECTED BALANCE SHEET DATA (period-end) (a)
Total assets	$	208,467		$	199,473		$	197,915		$	201,179		$	208,793			5			—		$	208,467		$	208,793			—
Loans:
Credit Card		132,277			127,135			125,523			128,803			137,676			4			(4	)		132,277			137,676			(4	)
Auto		47,426			46,659			46,796			47,411			48,367			2			(2	)		47,426			48,367			(2	)
Student		13,425			13,751			14,003			14,288			14,454			(2	)		(7	)		13,425			14,454			(7	)
Total loans (e)		193,128			187,545			186,322			190,502			200,497			3			(4	)		193,128			200,497			(4	)
Equity		16,000			16,000			16,000			16,000			18,400			—			(13	)		16,000			18,400			(13	)
SELECTED BALANCE SHEET DATA (average) (a)
Total assets	$	202,226		$	199,974		$	198,044		$	204,441		$	205,286			1			(1	)	$	201,162		$	213,041			(6	)
Loans:
Credit Card		128,619			126,536			125,038			132,537			135,585			2			(5	)		128,167			144,367			(11	)
Auto		46,947			46,549			46,966			47,690			48,347			1			(3	)		47,034			47,603			(1	)
Student		13,543			13,865			14,135			14,410			14,566			(2	)		(7	)		13,986			15,945			(12	)
Total loans (f)		189,109			186,950			186,139			194,637			198,498			1			(5	)		189,187			207,915			(9	)
Equity		16,000			16,000			16,000			16,000			18,400			—			(13	)		16,000			18,400			(13	)
Headcount (g)		27,585			27,554			26,874			26,777			25,733			—			7			27,585			25,733			7

(a) Effective January 1, 2011, the commercial card business that was previously in TSS was transferred to Card. There is no material impact on the financial data; prior-year periods were not revised.

(b) Includes commercial card noninterest revenue of $67 million, $76 million, $75 million and $72 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively, and $290 million for full year 2011.

(c) Total net revenue included tax-equivalent adjustments associated with tax-exempt loans to certain qualified entities of $1 million for each of the three months ended June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and $2 million and $7 million for full year 2011 and 2010, respectively.

(d) Includes commercial card noninterest expense of $78 million, $76 million, $69 million and $75 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively, and $298 million for full year 2011.

(e) Total period-end loans include loans held-for-sale of $102 million, $94 million, $4.0 billion and $2.2 billion at December 31, 2011, September 30, 2011, March 31, 2011 and December 31, 2010, respectively.

(f) Total average loans include loans held-for-sale of $97 million, $1 million, $276 million, $3.0 billion and $593 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and $833 million and $1.3 billion for full year 2011 and 2010, respectively.

(g) Headcount includes 1,274 employees related to the transfer of the commercial card business from TSS to Card in the first quarter of 2011.

Page 20

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
CREDIT DATA AND QUALITY STATISTICS (a)
Net charge-offs:
Credit Card	$	1,390		$	1,499		$	1,810		$	2,226		$	2,671			(7	)%		(48	)%	$	6,925		$	14,037			(51	)%
Auto		44			42			19			47			71			5			(38	)		152			298			(49	)
Student		126			93			135			80			118			35			7			434			387			12
Total net charge-offs		1,560			1,634			1,964			2,353			2,860			(5	)		(45	)		7,511			14,722			(49	)
Net charge-off rate:
Credit Card (b)		4.29	%		4.70	%		5.82	%		6.97	%		7.85	%								5.44	%		9.73	%
Auto		0.37			0.36			0.16			0.40			0.58									0.32			0.63
Student (c)		3.69			2.66			3.83			2.25			3.22									3.10			2.61
Total net charge-off rate		3.27			3.47			4.24			4.98			5.73									3.99			7.12
Delinquency rates
30+ day delinquency rate:
Credit Card (d)		2.81			2.90			2.98			3.57			4.14									2.81			4.14
Auto		1.13			1.01			0.98			0.97			1.22									1.13			1.22
Student (e)		1.78			1.93			1.70			2.01			1.53									1.78			1.53
Total 30+ day delinquency rate		2.32			2.36			2.38			2.79			3.23									2.32			3.23
90+ day delinquency rate — Credit Card (d)		1.44			1.43			1.55			1.93			2.25									1.44			2.25
Nonperforming assets (f)	$	228		$	232		$	233		$	275		$	269			(2	)		(15	)	$	228		$	269			(15	)
Allowance for loan losses:
Credit Card		6,999			7,528			8,042			9,041			11,034			(7	)		(37	)		6,999			11,034			(37	)
Auto and Student		1,010			1,009			879			899			899			—			12			1,010			899			12
Total allowance for loan losses		8,009			8,537			8,921			9,940			11,933			(6	)		(33	)		8,009			11,933			(33	)
Allowance for loan losses to period-end loans:
Credit Card (d)		5.30	%		5.93	%		6.41	%		7.24	%		8.14	%								5.30	%		8.14	%
Auto and Student		1.66			1.67			1.45			1.46			1.43									1.66			1.43
Total allowance for loan losses to period-end loans		4.15			4.55			4.79			5.33			6.02									4.15			6.02
BUSINESS METRICS
Credit Card, excluding Commercial Card (a)
Sales volume (in billions)	$	93.4		$	87.3		$	85.5		$	77.5		$	85.9			7			9		$	343.7		$	313.0			10
New accounts opened		2.2			2.0			2.0			2.6			3.4			10			(35	)		8.8			11.3			(22	)
Open accounts (g)		65.2			64.3			65.4			91.9			90.7			1			(28	)		65.2			90.7			(28	)
Merchant Services
Bank card volume (in billions)	$	152.6		$	138.1		$	137.3		$	125.7		$	127.2			10			20		$	553.7		$	469.3			18
Total transactions (in billions)		6.8			6.1			5.9			5.6			5.6			11			21			24.4			20.5			19
Auto and Student
Origination volume (in billions)
Auto	$	4.9		$	5.9		$	5.4		$	4.8		$	4.8			(17	)		2		$	21.0		$	23.0			(9	)
Student		0.1			0.1			—			0.1			—			—			NM			0.3			1.9			(84	)

(a) Effective January 1, 2011, the commercial card business that was previously in TSS was transferred to Card. There is no material impact on the financial data; prior-year periods were not revised. The commercial card portfolio is excluded from business metrics and supplemental information where noted.

(b) Average loans include loans held-for-sale of $97 million, $1 million, $276 million, $3.0 billion and $586 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and $833 million and $148 million for full year 2011 and 2010, respectively. These amounts are excluded when calculating the net charge-off rate.

(c) Average loans included loans held-for-sale of $7 million for the three months ended December 31, 2010, and $1.1 billion for full year 2010. These amounts are excluded when calculating the net charge-off rate.

(d) Period-end loans include loans held-for-sale of $102 million, $94 million, $4.0 billion and $2.2 billion at December 31, 2011, September 30, 2011, March 31, 2011 and December 31, 2010, respectively. No allowance for loan losses was recorded for these loans. Loans held-for-sale are excluded when calculating the allowance for loan losses to period-end loans and delinquency rates.

(e) Excludes student loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) of $989 million, $995 million, $968 million, $1.0 billion and $1.1 billion at December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, that are 30 or more days past due. These amounts are excluded as reimbursement of insured amounts is proceeding normally.

(f) Nonperforming assets exclude student loans insured by U.S. government agencies under the FFELP of $551 million, $567 million, $558 million, $615 million and $625 million at December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, that are 90 or more days past due. These amounts are excluded as reimbursement of insured amounts is proceeding normally.

(g) Reflects the impact of portfolio sales in the second quarter of 2011.

Page 21

JPMORGAN CHASE & CO. CARD SERVICES & AUTO FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratio data)

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
SUPPLEMENTAL INFORMATION (a)(b)
Card Services, excluding Washington Mutual portfolio
Loans (period-end)	$	121,224		$	115,766		$	113,766		$	116,395		$	123,943			5	%		(2	)%	$	121,224		$	123,943			(2	)%
Average loans		117,447			114,940			112,984			119,411			121,493			2			(3	)		116,186			128,312			(9	)
Net interest income (c)		8.51	%		8.61	%		8.60	%		9.09	%		9.16	%								8.70	%		8.86	%
Net revenue (c)		11.67			11.73			12.01			11.57			11.78									11.74			11.22
Risk adjusted margin (c)(d)		9.61			8.93			8.71			10.28			10.26									9.39			5.81
Net charge-off rate (e)		3.88			4.29			5.22			6.13			7.08									4.88			8.72
30+ day delinquency rate (f)		2.53			2.62			2.71			3.22			3.66									2.53			3.66
90+ day delinquency rate (f)		1.29			1.28			1.41			1.71			1.98									1.29			1.98
Card Services, excluding Washington Mutual and commercial card portfolios
Loans (period-end)	$	119,966		$	114,207		$	112,366		$	115,016		$	123,943			5			(3	)	$	119,966		$	123,943			(3	)
Average loans		116,027			113,541			111,641			118,145			121,493			2			(4	)		114,828			128,312			(11	)
Net interest income (c)		8.67	%		8.79	%		8.77	%		9.25	%		9.16	%								8.87	%		8.86	%
Net revenue (c)		11.64			11.68			11.95			11.51			11.78									11.69			11.22
Risk adjusted margin (c)(d)		9.56			8.84			8.61			10.21			10.26									9.32			5.81
Net charge-off rate (e)		3.93			4.34			5.28			6.20			7.08									4.93			8.72
30+ day delinquency rate (f)		2.54			2.64			2.73			3.25			3.66									2.54			3.66
90+ day delinquency rate (f)		1.30			1.30			1.42			1.73			1.98									1.30			1.98

(a) Effective January 1, 2011, the commercial card business that was previously in TSS was transferred to Card. There is no material impact on the financial data; prior-year periods were not revised. The commercial card portfolio is excluded from business metrics and supplemental information where noted.

(b) Supplemental information is provided for Card Services, excluding Washington Mutual and commercial card portfolios and including loans held-for-sale, which are non-GAAP financial measures, to provide more meaningful measures that enable comparability with prior periods.

(c) As a percentage of average loans.

(d) Represents total net revenue less provision for credit losses.

(e) Average loans include loans held-for-sale of $97 million, $1 million, $276 million, $3.0 billion and $586 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and $833 million and $148 million for full year 2011 and 2010, respectively. These amounts are included when calculating the net charge-off rate.

(f) Period-end loans include loans held-for-sale of $102 million, $94 million, $4.0 billion and $2.2 billion at December 31, 2011, September 30, 2011, March 31, 2011 and December 31, 2010, respectively. These amounts are included when calculating the delinquency rates.

Page 22

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	267		$	269		$	281		$	264		$	273			(1	)%		(2	)%	$	1,081		$	1,099			(2	)%
Asset management, administration and commissions		32			35			34			35			35			(9	)		(9	)		136			144			(6	)
All other income (a)		272			220			283			203			299			24			(9	)		978			957			2
Noninterest revenue		571			524			598			502			607			9			(6	)		2,195			2,200			—
Net interest income		1,116			1,064			1,029			1,014			1,004			5			11			4,223			3,840			10
TOTAL NET REVENUE (b)		1,687			1,588			1,627			1,516			1,611			6			5			6,418			6,040			6
Provision for credit losses		40			67			54			47			152			(40	)		(74	)		208			297			(30	)
NONINTEREST EXPENSE
Compensation expense		215			229			219			223			208			(6	)		3			886			820			8
Noncompensation expense		356			337			336			332			342			6			4			1,361			1,344			1
Amortization of intangibles		8			7			8			8			8			14			—			31			35			(11	)
TOTAL NONINTEREST EXPENSE		579			573			563			563			558			1			4			2,278			2,199			4
Income before income tax expense		1,068			948			1,010			906			901			13			19			3,932			3,544			11
Income tax expense		425			377			403			360			371			13			15			1,565			1,460			7
NET INCOME	$	643		$	571		$	607		$	546		$	530			13			21		$	2,367		$	2,084			14
Revenue by product:
Lending (c)	$	881		$	857		$	880		$	837		$	749			3			18		$	3,455		$	2,749			26
Treasury services (c)		600			572			556			542			659			5			(9	)		2,270			2,632			(14	)
Investment banking		120			116			152			110			126			3			(5	)		498			466			7
Other		86			43			39			27			77			100			12			195			193			1
Total Commercial Banking revenue	$	1,687		$	1,588		$	1,627		$	1,516		$	1,611			6			5		$	6,418		$	6,040			6
IB revenue, gross (d)	$	350		$	320		$	442		$	309		$	347			9			1		$	1,421		$	1,335			6
Revenue by client segment:
Middle Market Banking	$	810		$	791		$	789		$	755		$	781			2			4		$	3,145		$	3,060			3
Commercial Term Lending		299			297			286			286			301			1			(1	)		1,168			1,023			14
Corporate Client Banking (e)		326			306			339			290			302			7			8			1,261			1,154			9
Real Estate Banking		115			104			109			88			117			11			(2	)		416			460			(10	)
Other		137			90			104			97			110			52			25			428			343			25
Total Commercial Banking revenue	$	1,687		$	1,588		$	1,627		$	1,516		$	1,611			6			5		$	6,418		$	6,040			6
FINANCIAL RATIOS
ROE		32	%		28	%		30	%		28	%		26	%								30	%		26	%
Overhead ratio		34			36			35			37			35									35			36

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

(b) Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities that provide loans to qualified businesses in low-income communities as well as tax-exempt income from municipal bond activity of $123 million, $90 million, $67 million, $65 million and $85 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and $345 million and $238 million for full year 2011 and 2010, respectively.

(c) Effective January 1, 2011, product revenue from commercial card and standby letters of credit transactions was included in lending. For the three months ended December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, the impact of the change was $108 million, $109 million, $114 million and $107 million, respectively, and $438 million for full year 2011. In prior-year periods, it was reported in treasury services.

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

(e) Corporate Client Banking was known as Mid-Corporate Banking prior to January 1, 2011.

Page 23

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	158,040		$	151,095		$	148,662		$	140,706		$	142,646			5	%		11	%	$	158,040		$	142,646			11	%
Loans:
Loans retained		111,162			106,834			102,122			99,334			97,900			4			14			111,162			97,900			14
Loans held-for-sale and loans at fair value		840			584			557			835			1,018			44			(17	)		840			1,018			(17	)
Total loans		112,002			107,418			102,679			100,169			98,918			4			13			112,002			98,918			13
Equity		8,000			8,000			8,000			8,000			8,000			—			—			8,000			8,000			—
Period-end loans by client segment:
Middle Market Banking	$	44,437		$	42,365		$	40,530		$	38,618		$	37,942			5			17		$	44,437		$	37,942			17
Commercial Term Lending		38,583			38,539			38,012			37,677			37,928			—			2			38,583			37,928			2
Corporate Client Banking (a)		16,747			15,100			13,097			12,705			11,678			11			43			16,747			11,678			43
Real Estate Banking		8,211			7,470			7,409			7,535			7,591			10			8			8,211			7,591			8
Other		4,024			3,944			3,631			3,634			3,779			2			6			4,024			3,779			6
Total Commercial Banking loans	$	112,002		$	107,418		$	102,679		$	100,169		$	98,918			4			13		$	112,002		$	98,918			13
SELECTED BALANCE SHEET DATA (average)
Total assets	$	155,611		$	145,195		$	143,560		$	140,400		$	138,041			7			13		$	146,230		$	133,654			9
Loans:
Loans retained		109,328			104,705			100,857			98,829			97,823			4			12			103,462			96,584			7
Loans held-for-sale and loans at fair value		580			632			1,015			756			612			(8	)		(5	)		745			422			77
Total loans		109,908			105,337			101,872			99,585			98,435			4			12			104,207			97,006			7
Liability balances		199,138			180,275			162,769			156,200			147,534			10			35			174,729			138,862			26
Equity		8,000			8,000			8,000			8,000			8,000			—			—			8,000			8,000			—
Average loans by client segment:
Middle Market Banking	$	43,215		$	41,540		$	40,012		$	38,207		$	36,561			4			18		$	40,759		$	35,059			16
Commercial Term Lending		38,679			38,198			37,729			37,810			38,358			1			1			38,107			36,978			3
Corporate Client Banking (a)		16,116			14,373			13,062			12,374			11,771			12			37			13,993			11,926			17
Real Estate Banking		7,936			7,465			7,467			7,607			8,169			6			(3	)		7,619			9,344			(18	)
Other		3,962			3,761			3,602			3,587			3,576			5			11			3,729			3,699			1
Total Commercial Banking loans	$	109,908		$	105,337		$	101,872		$	99,585		$	98,435			4			12		$	104,207		$	97,006			7
Headcount		5,520			5,417			5,140			4,941			4,881			2			13			5,520			4,881			13
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	99		$	17		$	40		$	31		$	286			482			(65	)	$	187		$	909			(79	)
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (b)		1,036			1,417			1,613			1,925			1,964			(27	)		(47	)		1,036			1,964			(47	)
Nonaccrual loans held-for-sale and loans at fair value		17			26			21			30			36			(35	)		(53	)		17			36			(53	)
Total nonaccrual loans		1,053			1,443			1,634			1,955			2,000			(27	)		(47	)		1,053			2,000			(47	)
Assets acquired in loan satisfactions		85			168			197			179			197			(49	)		(57	)		85			197			(57	)
Total nonperforming assets		1,138			1,611			1,831			2,134			2,197			(29	)		(48	)		1,138			2,197			(48	)
Allowance for credit losses:
Allowance for loan losses		2,603			2,671			2,614			2,577			2,552			(3	)		2			2,603			2,552			2
Allowance for lending-related commitments		189			181			187			206			209			4			(10	)		189			209			(10	)
Total allowance for credit losses		2,792			2,852			2,801			2,783			2,761			(2	)		1			2,792			2,761			1
Net charge-off rate (c)		0.36	%		0.06	%		0.16	%		0.13	%		1.16	%								0.18	%		0.94	%
Allowance for loan losses to period-end loans retained (c)		2.34			2.50			2.56			2.59			2.61									2.34			2.61
Allowance for loan losses to nonaccrual loans retained (b)(c)		251			188			162			134			130									251			130
Nonaccrual loans to total period-end loans		0.94			1.34			1.59			1.95			2.02									0.94			2.02

(a) Corporate Client Banking was known as Mid-Corporate Banking prior to January 1, 2011.

(b) Allowance for loan losses of $176 million, $257 million, $289 million, $360 million and $340 million was held against nonaccrual loans retained at December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively.

(c) Loans held-for-sale and loans at fair value were excluded when calculating the allowance coverage ratios and net charge-off rate.

Page 24

JPMORGAN CHASE & CO. TREASURY & SECURITIES SERVICES FINANCIAL HIGHLIGHTS (in millions, except ratio data)

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	313		$	310		$	314		$	303		$	314			1	%		—	%	$	1,240		$	1,256			(1	) %
Asset management, administration and commissions		671			656			726			695			689			2			(3	)		2,748			2,697			2
All other income		133			141			143			139			209			(6	)		(36	)		556			804			(31	)
Noninterest revenue		1,117			1,107			1,183			1,137			1,212			1			(8	)		4,544			4,757			(4	)
Net interest income		905			801			749			703			701			13			29			3,158			2,624			20
TOTAL NET REVENUE		2,022			1,908			1,932			1,840			1,913			6			6			7,702			7,381			4
Provision for credit losses		19			(20	)		(2	)		4			10			NM			90			1			(47	)		NM
Credit allocation income/(expense) (a)		(60	)		9			32			27			(30	)		NM			(100	)		8			(121	)		NM
NONINTEREST EXPENSE
Compensation expense		672			718			719			715			679			(6	)		(1	)		2,824			2,734			3
Noncompensation expense		877			728			719			647			763			20			15			2,971			2,790			6
Amortization of intangibles		14			24			15			15			28			(42	)		(50	)		68			80			(15	)
TOTAL NONINTEREST EXPENSE		1,563			1,470			1,453			1,377			1,470			6			6			5,863			5,604			5
Income before income tax expense		380			467			513			486			403			(19	)		(6	)		1,846			1,703			8
Income tax expense		130			162			180			170			146			(20	)		(11	)		642			624			3
NET INCOME	$	250		$	305		$	333		$	316		$	257			(18	)		(3	)	$	1,204		$	1,079			12
FINANCIAL RATIOS
ROE		14	%		17	%		19	%		18	%		16	%								17	%		17	%
Pretax margin ratio		19			24			27			26			21									24			23
Overhead ratio		77			77			75			75			77									76			76
Pre-provision profit ratio (b)		23			23			25			25			23									24			24
REVENUE BY BUSINESS
Worldwide Securities Services (“WSS”):
Investor Services	$	752		$	740		$	782		$	745		$	740			2			2		$	3,019		$	2,869			5
Clearance, Collateral Mgmt & Depositary Receipts		219			199			220			204			220			10			—			842			814			3
Total WSS Revenue		971			939			1,002			949			960			3			1			3,861			3,683			5
Treasury Services (“TS”):
Transaction Services	$	874		$	816		$	785		$	765		$	831			7			5		$	3,240		$	3,233			—
Trade Finance		177			153			145			126			122			16			45			601			465			29
Total TS Revenue		1,051			969			930			891			953			8			10			3,841			3,698			4

(a) IB manages traditional credit exposures related to GCB on behalf of IB and TSS. Effective January 1, 2011, IB and TSS share the economics related to the Firm’s GCB clients. Included within this allocation are net revenue, provision for credit losses, as well as expenses. The prior-year periods reflected a reimbursement to IB for a portion of the total costs of managing the credit portfolio. IB recognizes this credit allocation as a component of all other income.

(b) For more information on this ratio, see Glossary of Terms on page 50.

Page 25

JPMORGAN CHASE & CO. TREASURY & SECURITIES SERVICES FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except headcount and ratio data, and where otherwise noted)

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	68,665		$	62,364		$	55,950		$	50,614		$	45,481			10	%		51	%	$	68,665		$	45,481			51	%
Loans (a)		42,992			36,389			34,034			31,020			27,168			18			58			42,992			27,168			58
Equity		7,000			7,000			7,000			7,000			6,500			—			8			7,000			6,500			8
SELECTED BALANCE SHEET DATA (average)
Total assets	$	63,686		$	60,141		$	52,688		$	47,873		$	46,301			6			38		$	56,151		$	42,494			32
Loans (a)		39,289			35,303			33,069			29,290			26,941			11			46			34,268			23,271			47
Liability balances		364,196			341,107			302,858			265,720			256,661			7			42			318,802			248,451			28
Equity		7,000			7,000			7,000			7,000			6,500			—			8			7,000			6,500			8
Headcount		27,825			28,157			28,230			28,040			29,073			(1	)		(4	)		27,825			29,073			(4	)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	—		$	—		$	—		$	—		$	—			—			—		$	—		$	1			NM
Nonaccrual loans		4			3			3			11			12			33			(67	)		4			12			(67	)
Allowance for credit losses:
Allowance for loan losses		65			49			74			69			65			33			—			65			65			—
Allowance for lending-related commitments		49			46			41			48			51			7			(4	)		49			51			(4	)
Total allowance for credit losses		114			95			115			117			116			20			(2	)		114			116			(2	)
Net charge-off rate		—	%		—	%		—	%		—	%		—	%								—	%		—	%
Allowance for loan losses to period-end loans		0.15			0.14			0.22			0.22			0.24									0.15			0.24
Allowance for loan losses to nonaccrual loans		NM			NM			NM			NM			NM									NM			NM
Nonaccrual loans to period-end loans		0.01			0.01			0.01			0.04			0.04									0.01			0.04
WSS BUSINESS METRICS
Assets under custody (“AUC”) by asset class (period-end)
(in billions):
Fixed Income	$	10,926		$	10,871		$	10,686		$	10,437		$	10,364			1			5		$	10,926		$	10,364			5
Equity		4,878			4,401			5,267			5,238			4,850			11			1			4,878			4,850			1
Other (b)		1,066			978			992			944			906			9			18			1,066			906			18
Total AUC	$	16,870		$	16,250		$	16,945		$	16,619		$	16,120			4			5		$	16,870		$	16,120			5
Liability Balances (average)		122,102			107,105			90,204			82,724			83,511			14			46			100,660			79,457			27
TS BUSINESS METRICS
Liability balances (average)		242,094			234,002			212,654			182,996			173,150			3			40			218,142			168,994			29
Trade Finance Loans (period-end)		36,696			30,104			27,473			25,499			21,156			22			73			36,696			21,156			73

(a) Loan balances include trade finance loans, wholesale overdrafts and commercial card. Effective January 1, 2011, the commercial card loan business (of approximately $1.2 billion) that was previously in TSS was transferred to Card. There is no material impact on the financial data; the prior-year periods were not revised.

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

Page 26

JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)

	QUARTERLY TRENDS																FULL YEAR
											4Q11 Change										2011 Change
	4Q11		3Q11		2Q11		1Q11		4Q10		3Q11			4Q10			2011		2010		2010
INTERNATIONAL METRICS
Net revenue by geographic region (a)
Asia/Pacific	$	339	$	321	$	299	$	276	$	270		6	%		26	%	$	1,235	$	978		26	%
Latin America/Caribbean		112		61		80		76		91		84			23			329		257		28
Europe/Middle East/Africa		689		648		691		630		624		6			10			2,658		2,389		11
North America		882		878		862		858		928		—			(5	)		3,480		3,757		(7	)
Total net revenue	$	2,022	$	1,908	$	1,932	$	1,840	$	1,913		6			6		$	7,702	$	7,381		4
Average liability balances (a)
Asia/Pacific	$	49,407	$	42,987	$	42,472	$	39,123	$	35,502		15			39		$	43,524	$	32,862		32
Latin America/Caribbean		11,563		12,722		13,506		12,720		13,114		(9	)		(12	)		12,625		11,558		9
Europe/Middle East/Africa		130,862		129,608		125,911		108,997		100,878		1			30			123,920		102,014		21
North America		172,364		155,790		120,969		104,880		107,167		11			61			138,733		102,017		36
Total average liability balances	$	364,196	$	341,107	$	302,858	$	265,720	$	256,661		7			42		$	318,802	$	248,451		28
Trade finance loans (period-end) (a)
Asia/Pacific	$	19,280	$	16,918	$	15,736	$	14,607	$	11,834		14			63		$	19,280	$	11,834		63
Latin America/Caribbean		6,254		5,228		4,553		4,014		3,628		20			72			6,254		3,628		72
Europe/Middle East/Africa		9,726		6,853		6,184		5,794		4,874		42			100			9,726		4,874		100
North America		1,436		1,105		1,000		1,084		820		30			75			1,436		820		75
Total trade finance loans	$	36,696	$	30,104	$	27,473	$	25,499	$	21,156		22			73		$	36,696	$	21,156		73
AUC (period-end)( in billions) (a)
North America	$	9,735	$	9,611	$	9,976	$	9,901	$	9,836		1			(1	)	$	9,735	$	9,836		(1	)
All other regions		7,135		6,639		6,969		6,718		6,284		7			14			7,135		6,284		14
Total AUC	$	16,870	$	16,250	$	16,945	$	16,619	$	16,120		4			5		$	16,870	$	16,120		5
TSS FIRMWIDE DISCLOSURES (b)
TS revenue - reported	$	1,051	$	969	$	930	$	891	$	953		8			10		$	3,841	$	3,698		4
TS revenue reported in CB (c)		600		572		556		542		659		5			(9	)		2,270		2,632		(14	)
TS revenue reported in other lines of business		69		68		65		63		65		1			6			265		247		7
TS firmwide revenue (d)		1,720		1,609		1,551		1,496		1,677		7			3			6,376		6,577		(3	)
Worldwide Securities Services revenue		971		939		1,002		949		960		3			1			3,861		3,683		5
TSS firmwide revenue (d)	$	2,691	$	2,548	$	2,553	$	2,445	$	2,637		6			2		$	10,237	$	10,260		—
TSS total foreign exchange (“FX”) revenue (d)		154		179		165		160		181		(14	)		(15	)		658		636		3
TS firmwide liability balances (average) (e)	$	441,572	$	414,485	$	375,432	$	339,240	$	320,745		7			38		$	393,022	$	308,028		28
TSS firmwide liability balances (average) (e)		563,334		521,383		465,627		421,920		404,195		8			39			493,531		387,313		27
Number of:
U.S.$ ACH transactions originated		983		972		959		992		995		1			(1	)		3,906		3,892		—
Total U.S.$ clearing volume (in thousands)		33,055		33,117		32,274		30,971		32,144		—			3			129,417		122,123		6
International electronic funds transfer volume (in thousands) (f)		63,669		62,718		63,208		60,942		60,882		2			5			250,537		232,453		8
Wholesale check volume		592		601		608		532		525		(1	)		13			2,333		2,060		13
Wholesale cards issued (in thousands) (g)		25,187		24,288		23,746		23,170		29,785		4			(15	)		25,187		29,785		(15	)

(a) Total net revenue, average liability balances, trade finance loans and AUC are based on TSS management’s view of the domicile of clients.

(b) TSS firmwide metrics include revenue recorded in CB, Consumer & Business Banking and Asset Management (“AM”) lines of business and net TSS FX revenue (it excludes TSS FX revenue recorded in the IB). In order to capture the firmwide impact of Treasury Services (“TS”) and TSS products and revenue, management reviews firmwide metrics in assessing financial performance of TSS. Firmwide metrics are necessary in order to understand the aggregate TSS business.

(c) Effective January 1, 2011, certain CB revenues were excluded in the TS firmwide metrics; they are instead directly captured within CB’s lending revenue by product. For the three months ended December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, the impact of this change was $108 million, $109 million, $114 million and $107 million, respectively, and $438 million for full year 2011. In prior-year periods, these revenues were included in CB’s treasury services revenue by product.

(d) IB executes FX transactions on behalf of TSS customers under revenue sharing agreements. FX revenue generated by TSS customers is recorded in TSS and IB. TSS Total FX revenue reported above is the gross (pre-split) FX revenue generated by TSS customers. However, TSS firmwide revenue includes only the FX revenue booked in TSS, i.e., it does not include the portion of TSS FX revenue recorded in IB.

(e) Firmwide liability balances include liability balances recorded in CB.

(f) International electronic funds transfer includes non-U.S. dollar Automated Clearing House (“ACH”) and clearing volume.

(g) Wholesale cards issued and outstanding include commercial, stored value, prepaid and government electronic benefit card products. Effective January 1, 2011, the commercial card portfolio was transferred from TSS to Card.

Page 27

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	1,606		$	1,617		$	1,818		$	1,707		$	1,846			(1	)%		(13	)%	$	6,748		$	6,374			6	%
All other income		232			281			321			313			386			(17	)		(40	)		1,147			1,111			3
Noninterest revenue		1,838			1,898			2,139			2,020			2,232			(3	)		(18	)		7,895			7,485			5
Net interest income		446			418			398			386			381			7			17			1,648			1,499			10
TOTAL NET REVENUE		2,284			2,316			2,537			2,406			2,613			(1	)		(13	)		9,543			8,984			6
Provision for credit losses		24			26			12			5			23			(8	)		4			67			86			(22	)
NONINTEREST EXPENSE
Compensation expense		1,046			999			1,068			1,039			1,078			5			(3	)		4,152			3,763			10
Noncompensation expense		674			775			704			599			679			(13	)		(1	)		2,752			2,277			21
Amortization of intangibles		32			22			22			22			20			45			60			98			72			36
TOTAL NONINTEREST EXPENSE		1,752			1,796			1,794			1,660			1,777			(2	)		(1	)		7,002			6,112			15
Income before income tax expense		508			494			731			741			813			3			(38	)		2,474			2,786			(11	)
Income tax expense		206			109			292			275			306			89			(33	)		882			1,076			(18	)
NET INCOME	$	302		$	385		$	439		$	466		$	507			(22	)		(40	)	$	1,592		$	1,710			(7	)
REVENUE BY CLIENT SEGMENT
Private Banking	$	1,212		$	1,298		$	1,289		$	1,317		$	1,376			(7	)		(12	)	$	5,116		$	4,860			5
Institutional (a)		558			478			694			543			675			17			(17	)		2,273			2,180			4
Retail (a)		514			540			554			546			562			(5	)		(9	)		2,154			1,944			11
TOTAL NET REVENUE	$	2,284		$	2,316		$	2,537		$	2,406		$	2,613			(1	)		(13	)	$	9,543		$	8,984			6
FINANCIAL RATIOS
ROE		18	%		24	%		27	%		29	%		31	%								25	%		26	%
Overhead ratio		77			78			71			69			68									73			68
Pretax margin ratio		22			21			29			31			31									26			31
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	86,242		$	81,179		$	78,199		$	71,521		$	68,997			6			25		$	86,242		$	68,997			25
Loans		57,573			54,178			51,747			46,454			44,084			6			31			57,573			44,084			31
Equity		6,500			6,500			6,500			6,500			6,500			—			—			6,500			6,500			—
SELECTED BALANCE SHEET DATA (average)
Total assets	$	82,594		$	78,669		$	74,206		$	68,918		$	69,290			5			19		$	76,141		$	65,056			17
Loans		54,691			52,652			48,837			44,948			42,296			4			29			50,315			38,948			29
Deposits		121,493			111,090			97,509			95,250			89,314			9			36			106,421			86,096			24
Equity		6,500			6,500			6,500			6,500			6,500			—			—			6,500			6,500			—
Headcount		18,036			18,084			17,963			17,203			16,918			—			7			18,036			16,918			7

(a) In the fourth quarter of 2011, the prior periods of 2011 Institutional and Retail client revenue data were revised as a result of enhancements to the revenue allocation model.

Page 28

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
BUSINESS METRICS
Number of:
Client advisors (a)		2,444			2,418			2,282			2,288			2,281			1	%		7	%		2,444			2,281			7	%
Retirement Planning Services participants (in thousands)		1,798			1,755			1,613			1,604			1,580			2			14			1,798			1,580			14
JPMorgan Securities brokers (a)		439			446			437			431			415			(2	)		6			439			415			6
% of customer assets in 4 & 5 Star Funds (b)		43	%		47	%		50	%		46	%		49	%		(9	)		(12	)		43	%		49	%		(12	)
% of AUM in 1st and 2nd quartiles: (c)
1 year		48			49			56			57			67			(2	)		(28	)		48			67			(28	)
3 years		72			73			71			70			72			(1	)		—			72			72			—
5 years		78			77			76			77			80			1			(3	)		78			80			(3	)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	48		$	—		$	33		$	11		$	8			NM			500		$	92		$	76			21
Nonaccrual loans		317			311			252			254			375			2			(15	)		317			375			(15	)
Allowance for credit losses:
Allowance for loan losses		209			240			222			257			267			(13	)		(22	)		209			267			(22	)
Allowance for lending-related commitments		10			9			9			4			4			11			150			10			4			150
Total allowance for credit losses		219			249			231			261			271			(12	)		(19	)		219			271			(19	)
Net charge-off rate		0.35	%		—	%		0.27	%		0.10	%		0.08	%								0.18	%		0.20	%
Allowance for loan losses to period-end loans		0.36			0.44			0.43			0.55			0.61									0.36			0.61
Allowance for loan losses to nonaccrual loans		66			77			88			101			71									66			71
Nonaccrual loans to period-end loans		0.55			0.57			0.49			0.55			0.85									0.55			0.85

(a) Effective January 1, 2011, the methodology used to determine client advisors was revised. Prior-year periods have been revised.

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

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

Page 29

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

											December 31, 2011 Change
ASSETS UNDER SUPERVISION (a)	Dec 31,   2011		Sep 30,   2011		Jun 30,   2011		Mar 31,   2011		Dec 31,   2010		Sep 30,   2011			Dec 31,   2010
Assets by asset class
Liquidity	$	515	$	464	$	476	$	490	$	497		11	%		4	%
Fixed income		336		321		319		305		289		5			16
Equity and multi-asset		372		356		430		421		404		4			(8	)
Alternatives		113		113		117		114		108		—			5
TOTAL ASSETS UNDER MANAGEMENT		1,336		1,254		1,342		1,330		1,298		7			3
Custody/brokerage/administration/deposits		585		552		582		578		542		6			8
TOTAL ASSETS UNDER SUPERVISION	$	1,921	$	1,806	$	1,924	$	1,908	$	1,840		6			4
Assets by client segment
Private Banking	$	291	$	276	$	291	$	293	$	284		5			2
Institutional (b)		722		673		708		711		703		7			3
Retail (b)		323		305		343		326		311		6			4
TOTAL ASSETS UNDER MANAGEMENT	$	1,336	$	1,254	$	1,342	$	1,330	$	1,298		7			3
Private Banking	$	781	$	738	$	776	$	773	$	731		6			7
Institutional (b)		723		674		709		713		703		7			3
Retail (b)		417		394		439		422		406		6			3
TOTAL ASSETS UNDER SUPERVISION	$	1,921	$	1,806	$	1,924	$	1,908	$	1,840		6			4
Mutual fund assets by asset class
Liquidity	$	458	$	409	$	421	$	436	$	446		12			3
Fixed income		107		101		105		99		92		6			16
Equity and multi-asset		147		139		176		173		169		6			(13	)
Alternatives		8		8		9		8		7		—			14
TOTAL MUTUAL FUND ASSETS	$	720	$	657	$	711	$	716	$	714		10			1

(a) Excludes assets under management of American Century Companies, Inc. in which the Firm sold its ownership interest on August 31, 2011. The Firm previously had an ownership interest of 40% at June 30, 2011 and March 31, 2011, and 41% at December 31, 2010.

(b) In the second quarter of 2011, the hierarchy used to classify client assets was revised, and all prior periods have been revised.

Page 30

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

	QUARTERLY TRENDS															FULL YEAR
	4Q11			3Q11			2Q11			1Q11			4Q10			2011			2010
ASSETS UNDER SUPERVISION (continued)
Assets under management rollforward
Beginning balance	$	1,254		$	1,342		$	1,330		$	1,298		$	1,257		$	1,298		$	1,249
Net asset flows:
Liquidity		53			(10	)		(16	)		(9	)		(25	)		18			(89	)
Fixed income		9			3			12			16			10			40			50
Equities, multi-asset and alternatives		(4	)		(1	)		7			11			13			13			19
Market/performance/other impacts		24			(80	)		9			14			43			(33	)		69
Ending balance	$	1,336		$	1,254		$	1,342		$	1,330		$	1,298		$	1,336		$	1,298
Assets under supervision rollforward
Beginning balance	$	1,806		$	1,924		$	1,908		$	1,840		$	1,770		$	1,840		$	1,701
Net asset flows		69			11			12			31			1			123			28
Market/performance/other impacts		46			(129	)		4			37			69			(42	)		111
Ending balance	$	1,921		$	1,806		$	1,924		$	1,908		$	1,840		$	1,921		$	1,840

Page 31

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

	QUARTERLY TRENDS																FULL YEAR
											4Q11 Change										2011 Change
	4Q11		3Q11		2Q11		1Q11		4Q10		3Q11			4Q10			2011		2010		2010
INTERNATIONAL METRICS
Total net revenue: (in millions) (a)
Europe/Middle East/Africa	$	392	$	395	$	478	$	439	$	481		(1	)%		(19	)%	$	1,704	$	1,642		4	%
Asia/Pacific		220		248		257		246		263		(11	)		(16	)		971		925		5
Latin America/Caribbean		224		168		251		165		168		33			33			808		541		49
North America		1,448		1,505		1,551		1,556		1,701		(4	)		(15	)		6,060		5,876		3
Total net revenue	$	2,284	$	2,316	$	2,537	$	2,406	$	2,613		(1	)		(13	)	$	9,543	$	8,984		6
Assets under management:
Europe/Middle East/Africa	$	278	$	255	$	298	$	300	$	282		9			(1	)	$	278	$	282		(1	)
Asia/Pacific		105		104		119		115		111		1			(5	)		105		111		(5	)
Latin America/Caribbean		34		32		37		35		35		6			(3	)		34		35		(3	)
North America		919		863		888		880		870		6			6			919		870		6
Total assets under management	$	1,336	$	1,254	$	1,342	$	1,330	$	1,298		7			3		$	1,336	$	1,298		3
Assets under supervision:
Europe/Middle East/Africa	$	329	$	306	$	353	$	353	$	331		8			(1	)	$	329	$	331		(1	)
Asia/Pacific		139		140		161		155		147		(1	)		(5	)		139		147		(5	)
Latin America/Caribbean		89		87		94		88		84		2			6			89		84		6
North America		1,364		1,273		1,316		1,312		1,278		7			7			1,364		1,278		7
Total assets under supervision	$	1,921	$	1,806	$	1,924	$	1,908	$	1,840		6			4		$	1,921	$	1,840		4

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

Page 32

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
INCOME STATEMENT
REVENUE
Principal transactions	$	324		$	(933	)	$	745		$	1,298		$	587			NM	%		(45	)%	$	1,434		$	2,208			(35	)%
Securities gains		54			607			837			102			1,199			(91	)		(95	)		1,600			2,898			(45	)
All other income		75			186			265			78			(24	)		(60	)		NM			604			253			139
Noninterest revenue		453			(140	)		1,847			1,478			1,762			NM			(74	)		3,638			5,359			(32	)
Net interest income		245			8			218			34			(131	)		NM			NM			505			2,063			(76	)
TOTAL NET REVENUE (a)		698			(132	)		2,065			1,512			1,631			NM			(57	)		4,143			7,422			(44	)
Provision for credit losses		(10	)		(7	)		(9	)		(10	)		2			(43	)		NM			(36	)		14			NM
NONINTEREST EXPENSE
Compensation expense		602			552			614			657			538			9			12			2,425			2,357			3
Noncompensation expense (b)		1,649			1,995			2,097			1,143			2,352			(17	)		(30	)		6,884			8,788			(22	)
Subtotal		2,251			2,547			2,711			1,800			2,890			(12	)		(22	)		9,309			11,145			(16	)
Net expense allocated to other businesses		(1,321	)		(1,331	)		(1,270	)		(1,238	)		(1,191	)		1			(11	)		(5,160	)		(4,790	)		(8	)
TOTAL NONINTEREST EXPENSE		930			1,216			1,441			562			1,699			(24	)		(45	)		4,149			6,355			(35	)
Income/(loss) before income tax expense/(benefit)		(222	)		(1,341	)		633			960			(70	)		83			(217	)		30			1,053			(97	)
Income tax expense/(benefit)		(445	)		(696	)		131			238			(99	)		36			(349	)		(772	)		(205	)		(277	)
NET INCOME/(LOSS)	$	223		$	(645	)	$	502		$	722		$	29			NM			NM		$	802		$	1,258			(36	)
MEMO:
TOTAL NET REVENUE
Private equity	$	(113	)	$	(546	)	$	796		$	699		$	355			79			NM		$	836		$	1,239			(33	)
Corporate		811			414			1,269			813			1,276			96			(36	)		3,307			6,183			(47	)
TOTAL NET REVENUE	$	698		$	(132	)	$	2,065		$	1,512		$	1,631			NM			(57	)	$	4,143		$	7,422			(44	)
NET INCOME/(LOSS)
Private equity	$	(89	)	$	(347	)	$	444		$	383		$	178			74			NM		$	391		$	588			(34	)
Corporate		312			(298	)		58			339			(149	)		NM			NM			411			670			(39	)
TOTAL NET INCOME/(LOSS)	$	223		$	(645	)	$	502		$	722		$	29			NM			NM		$	802		$	1,258			(36	)
TOTAL ASSETS (period-end)	$	693,153		$	693,597		$	672,655		$	591,353		$	526,588			—			32		$	693,153		$	526,588			32
Headcount		22,117			21,844			21,444			20,927			20,030			1			10			22,117			20,030			10

(a) Total net revenue included tax-equivalent adjustments, predominantly due to tax-exempt income from municipal bond investments of $92 million, $73 million, $69 million, $64 million and $63 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and $298 million and $226 million for full year 2011 and 2010, respectively.

(b) Includes litigation expense of $0.5 billion, $1.0 billion, $1.3 billion, $0.4 billion and $1.5 billion for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and $3.2 billion and $5.7 billion for full year 2011 and 2010, respectively.

Page 33

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

	QUARTERLY TRENDS																				FULL YEAR
															4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11		4Q10			3Q11			4Q10			2011			2010			2010
SUPPLEMENTAL INFORMATION
TREASURY and CHIEF INVESTMENT OFFICE (“CIO”)
Securities gains (a)	$	(13	)	$	459		$	837		$	102	$	1,199			NM	%		NM	%	$	1,385		$	2,897			(52	)%
Investment securities portfolio (average)		349,750			324,596			335,543			313,319		322,218			8			9			330,885			323,673			2
Investment securities portfolio (ending)		355,605			330,800			318,237			328,013		310,801			7			14			355,605			310,801			14
Mortgage loans (average)		14,089			13,748			12,731			11,418		10,117			2			39			13,006			9,004			44
Mortgage loans (ending)		13,375			14,226			13,243			12,171		10,739			(6	)		25			13,375			10,739			25
PRIVATE EQUITY
Private equity gains/(losses)
Direct investments
Realized gains	$	58		$	394		$	1,219		$	171	$	1,039			(85	)		(94	)	$	1,842		$	1,409			31
Unrealized gains/(losses) (b)		(122	)		(827	)		(726	)		370		(781	)		85			84			(1,305	)		(302	)		(332	)
Total direct investments		(64	)		(433	)		493			541		258			85			NM			537			1,107			(51	)
Third-party fund investments		(85	)		(7	)		323			186		129			NM			NM			417			241			73
Total private equity gains/(losses) (c)	$	(149	)	$	(440	)	$	816		$	727	$	387			66			NM		$	954		$	1,348			(29	)
Private equity portfolio information
Direct investments
Publicly-held securities
Carrying value	$	805		$	709		$	670		$	731	$	875			14			(8	)
Cost		573			779			595			649		732			(26	)		(22	)
Quoted public value		896			778			721			785		935			15			(4	)
Privately-held direct securities
Carrying value		4,597			4,322			5,680			7,212		5,882			6			(22	)
Cost		6,793			6,556			6,891			7,731		6,887			4			(1	)
Third-party fund investments (d)
Carrying value		2,283			2,399			2,481			2,179		1,980			(5	)		15
Cost		2,452			2,454			2,464			2,461		2,404			—			2
Total private equity portfolio
Carrying value	$	7,685		$	7,430		$	8,831		$	10,122	$	8,737			3			(12	)
Cost		9,818			9,789			9,950			10,841		10,023			—			(2	)

(a) Reflects repositioning of the Corporate investment securities portfolio.

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

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

(d) Unfunded commitments to third-party private equity funds were $789 million, $853 million, $876 million, $943 million and $1.0 billion at December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively.

Page 34

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

											December 31, 2011 Change
	Dec 31, 2011		Sep 30, 2011		Jun 30, 2011		Mar 31, 2011		Dec 31, 2010		Sep 30,     2011			Dec 31,     2010
CREDIT EXPOSURE
Wholesale
Loans retained	$	278,395	$	255,799	$	244,224	$	229,648	$	222,510		9	%		25	%
Loans held-for-sale and loans at fair value		4,621		3,684		4,599		6,359		5,123		25			(10	)
Total wholesale loans (a)(b)		283,016		259,483		248,823		236,007		227,633		9			24
Consumer, excluding credit card
Loans, excluding PCI loans and held-for sale loans
Home equity		77,800		80,278		82,751		85,253		88,385		(3	)		(12	)
Prime mortgage, including option ARMs		76,196		74,230		74,276		74,682		74,539		3			2
Subprime mortgage		9,664		10,045		10,441		10,841		11,287		(4	)		(14	)
Auto		47,426		46,659		46,796		47,411		48,367		2			(2	)
Business banking		17,652		17,272		17,141		16,957		16,812		2			5
Student and other		14,143		14,492		14,770		15,089		15,311		(2	)		(8	)
Total loans, excluding PCI loans and loans held-for-sale		242,881		242,976		246,175		250,233		254,701		—			(5	)
Loans — PCI (c)
Home equity		22,697		23,105		23,535		23,973		24,459		(2	)		(7	)
Prime mortgage		15,180		15,626		16,200		16,725		17,322		(3	)		(12	)
Subprime mortgage		4,976		5,072		5,187		5,276		5,398		(2	)		(8	)
Option ARMs		22,693		23,325		24,072		24,791		25,584		(3	)		(11	)
Total loans — PCI		65,546		67,128		68,994		70,765		72,763		(2	)		(10	)
Total loans — retained		308,427		310,104		315,169		320,998		327,464		(1	)		(6	)
Loans held-for-sale (d)		—		131		221		188		154		NM			NM
Total consumer, excluding credit card loans		308,427		310,235		315,390		321,186		327,618		(1	)		(6	)
Credit card
Loans retained		132,175		127,041		125,523		124,791		135,524		4			(2	)
Loans held-for-sale		102		94		—		4,012		2,152		9			(95	)
Total credit card (b)		132,277		127,135		125,523		128,803		137,676		4			(4	)
Total consumer loans (e)		440,704		437,370		440,913		449,989		465,294		1			(5	)
Total loans		723,720		696,853		689,736		685,996		692,927		4			4
Derivative receivables		92,477		108,853		77,383		78,744		80,481		(15	)		15
Receivables from customers and interests in purchased receivables (f)		17,561		25,719		32,678		38,230		32,932		(32	)		(47	)
Total credit-related assets		110,038		134,572		110,061		116,974		113,413		(18	)		(3	)
Wholesale lending-related commitments		382,739		379,682		365,689		355,561		346,079		1			11
Total	$	1,216,497	$	1,211,107	$	1,165,486	$	1,158,531	$	1,152,419		—			6
Memo: Total by category
Total wholesale exposure (g)	$	775,693	$	773,633	$	724,573	$	708,542	$	687,125		—			13
Total consumer loans (h)		440,804		437,474		440,913		449,989		465,294		1			(5	)
Total	$	1,216,497	$	1,211,107	$	1,165,486	$	1,158,531	$	1,152,419		—			6

(a) Includes IB, CB, TSS, AM and Corporate/Private Equity.

(b) Effective January 1, 2011, the commercial card business that was previously in TSS was transferred to Card. There is no material impact on the financial data; prior-year periods were not revised.

(c) PCI loans represent loans acquired in the Washington Mutual transaction for which a deterioration in credit quality occurred between the origination date and JPMorgan Chase’s acquisition date. These loans were initially recorded at fair value and accrete interest income over the estimated lives of the underlying loans as long as cash flows are reasonably estimable, even if the underlying loans are contractually past due.

(d) Represents prime mortgages for all periods presented.

(e) Includes RFS, Card and residential real estate loans reported in the Corporate/Private Equity segment.

(f) Receivables from customers represent primarily margin loans to prime and retail brokerage customers, which are included in accrued interest and accounts receivable on the Consolidated Balance Sheets.

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

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

Page 35

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

																December 31,  2011 Change
	Dec 31,   2011			Sep 30,   2011			Jun 30,   2011			Mar 31,   2011			Dec 31,   2010			Sep 30,   2011			Dec 31,   2010
NONPERFORMING ASSETS AND RATIOS
Wholesale
Loans retained	$	2,398		$	3,011		$	3,362		$	4,578		$	5,510			(20	)%		(56	)%
Loans held-for-sale and loans at fair value		183			176			214			289			496			4			(63	)
Total wholesale loans		2,581			3,187			3,576			4,867			6,006			(19	)		(57	)
Consumer, excluding credit card
Home equity		1,287			1,290			1,308			1,263			1,263			—			2
Prime mortgage, including option ARMs		3,462			3,656			4,024			4,166			4,320			(5	)		(20	)
Subprime mortgage		1,781			1,932			2,058			2,106			2,210			(8	)		(19	)
Auto		118			114			111			120			141			4			(16	)
Business banking		694			756			770			810			832			(8	)		(17	)
Student and other		69			68			79			107			67			1			3
Total consumer, excluding credit card		7,411			7,816			8,350			8,572			8,833			(5	)		(16	)
Total credit card		1			2			2			2			2			(50	)		(50	)
Total consumer nonaccrual loans (a)(b)		7,412			7,818			8,352			8,574			8,835			(5	)		(16	)
Total nonaccrual loans		9,993			11,005			11,928			13,441			14,841			(9	)		(33	)
Derivative receivables		18			11			22			21			34			64			(47	)
Assets acquired in loan satisfactions		1,025			1,178			1,290			1,524			1,682			(13	)		(39	)
Total nonperforming assets (a)		11,036			12,194			13,240			14,986			16,557			(9	)		(33	)
Wholesale lending-related commitments (c)		865			705			793			895			1,005			23			(14	)
Total (a)	$	11,901		$	12,899		$	14,033		$	15,881		$	17,562			(8	)		(32	)
Total nonaccrual loans to total loans		1.38	%		1.58	%		1.73	%		1.96	%		2.14	%
Total wholesale nonaccrual loans to total wholesale loans		0.91			1.23			1.44			2.06			2.64
Total consumer, excluding credit card nonaccrual loans to total consumer, excluding credit card loans		2.40			2.52			2.65			2.67			2.70
NONPERFORMING ASSETS BY LOB
Investment Bank	$	1,294		$	1,508		$	1,788		$	2,741		$	3,770			(14	)		(66	)
Retail Financial Services (b)		7,961			8,444			9,033			9,482			9,854			(6	)		(19	)
Card Services & Auto		228			232			233			275			269			(2	)		(15	)
Commercial Banking		1,138			1,611			1,831			2,134			2,197			(29	)		(48	)
Treasury & Securities Services		4			3			3			11			12			33			(67	)
Asset Management		336			322			264			263			382			4			(12	)
Corporate/Private Equity (d)		75			74			88			80			73			1			3
TOTAL	$	11,036		$	12,194		$	13,240		$	14,986		$	16,557			(9	)		(33	)

(a) At December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $11.5 billion, $9.5 billion, $9.1 billion, $8.8 billion and $9.4 billion, respectively, that are 90 or more days past due; (2) real estate owned insured by U.S. government agencies of $1.0 billion, $2.4 billion, $2.4 billion, $2.3 billion and $1.9 billion, respectively; and (3) student loans insured by U.S. government agencies under the FFELP of $551 million, $567 million, $558 million, $615 million and $625 million, respectively, that are 90 or more days past due. These amounts are excluded as reimbursement of insured amounts is proceeding normally. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”). Credit card loans are charged off by the end of the month in which the account becomes 180 days past due or within 60 days from receiving notification about a specified event (e.g., bankruptcy of the borrower), whichever is earlier.

(b) Excludes PCI loans acquired as part of the Washington Mutual transaction, which are accounted for on a pool basis. Since each pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, the past-due status of the pools, or that of the individual loans within the pools, is not meaningful. Because the Firm is recognizing interest income on each pool of loans, they are all considered to be performing. Also excludes loans held-for-sale and loans at fair value.

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

(d) Predominantly relates to retained prime mortgage loans.

Page 36

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
GROSS CHARGE-OFFS
Wholesale loans	$	431		$	98		$	134		$	253		$	414			340	%		4	%	$	916		$	1,989			(54	)%
Consumer loans, excluding credit card		1,310			1,292			1,357			1,460			2,277			1			(42	)		5,419			8,383			(35	)
Credit card loans		1,641			1,765			2,131			2,631			2,980			(7	)		(45	)		8,168			15,410			(47	)
Total consumer loans		2,951			3,057			3,488			4,091			5,257			(3	)		(44	)		13,587			23,793			(43	)
Total loans	$	3,382		$	3,155		$	3,622		$	4,344		$	5,671			7			(40	)	$	14,503		$	25,782			(44	)
GROSS RECOVERIES
Wholesale loans	$	85		$	249		$	54		$	88		$	143			(66	)		(41	)	$	476		$	262			82
Consumer loans, excluding credit card		139			133			144			131			115			5			21			547			474			15
Credit card loans		251			266			321			405			309			(6	)		(19	)		1,243			1,373			(9	)
Total consumer loans		390			399			465			536			424			(2	)		(8	)		1,790			1,847			(3	)
Total loans	$	475		$	648		$	519		$	624		$	567			(27	)		(16	)	$	2,266		$	2,109			7
NET CHARGE-OFFS/(RECOVERIES)
Wholesale loans	$	346		$	(151	)	$	80		$	165		$	271			NM			28		$	440		$	1,727			(75	)
Consumer loans, excluding credit card		1,171			1,159			1,213			1,329			2,162	(b)		1			(46	)		4,872			7,909			(38	)
Credit card loans		1,390			1,499			1,810			2,226			2,671			(7	)		(48	)		6,925			14,037			(51	)
Total consumer loans		2,561			2,658			3,023			3,555			4,833			(4	)		(47	)		11,797			21,946			(46	)
Total loans	$	2,907		$	2,507		$	3,103		$	3,720		$	5,104	(b)		16			(43	)	$	12,237		$	23,673			(48	)
NET CHARGE-OFF/(RECOVERY) RATES
Wholesale retained loans		0.52	%		(0.24	) %		0.14	%		0.30	%		0.49	%								0.18	%		0.81	%
Consumer retained loans, excluding credit card		1.50			1.47			1.53			1.66			2.60	(b)								1.54			2.32
Credit card retained loans		4.29			4.70			5.82			6.97			7.85									5.44			9.73
Total retained loans		1.64			1.44			1.83			2.22			2.95	(b)								1.78			3.39
Consumer retained loans, excluding credit card and PCI loans (a)		1.91			1.88			1.96			2.14			3.34	(b)								1.97			3.00
Consumer retained loans, excluding PCI loans (a)		2.74			2.84			3.25			3.77			4.89									3.15			5.38
Total retained loans, excluding PCI loans (a)		1.81			1.60			2.04			2.48			3.31	(b)								1.98			3.81
Memo: Average retained loans
Wholesale loans	$	265,758		$	250,145		$	237,511		$	226,544		$	219,750			6			21		$	245,111		$	213,609			15
Consumer retained loans, excluding credit card		308,980			312,341			317,862			323,961			330,524			(1	)		(7	)		315,736			340,334			(7	)
Credit card retained loans		128,522			126,535			124,762			129,535			134,999			2			(5	)		127,334			144,219			(12	)
Total average retained consumer loans		437,502			438,876			442,624			453,496			465,523			—			(6	)		443,070			484,553			(9	)
Total average retained loans	$	703,260		$	689,021		$	680,135		$	680,040		$	685,273			2			3		$	688,181		$	698,162			(1	)
Consumer retained loans, excluding credit card and PCI loans (a)	$	242,670		$	244,337		$	248,028		$	252,403		$	256,884			(1	)		(6	)	$	246,826		$	263,462			(6	)
Consumer retained loans, excluding PCI loans (a)		371,192			370,872			372,790			381,938			391,883			—			(5	)		374,159			407,681			(8	)
Total retained loans, excluding PCI loans (a)		636,923			620,974			610,246			608,432			611,572			3			4			619,227			621,198			—

(a) Charge-offs are not recorded on PCI loans until actual losses exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. To date, no charge-offs have been recorded for these loans.

(b) Net charge-offs and net charge-off rates for the fourth quarter of 2010 include the effect of $632 million of charge-offs related to an adjustment of the estimated net realizable value of the collateral underlying delinquent residential home loans. Excluding this adjustment, net charge-offs for the fourth quarter of 2010 were $1.5 billion for total consumer, excluding credit card loans, and $4.5 billion for total loans. Net charge-off rates excluding this adjustment were 1.84% for total consumer, excluding credit card, 2.59% for total retained loans, 2.36% for total consumer, excluding credit card and PCI loans, and 2.90% for total retained loans, excluding PCI loans.

Page 37

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	28,350		$	28,520		$	29,750		$	32,266		$	34,161			(1	)%		(17	)%	$	32,266		$	31,602			2	%
Cumulative effect of change in accounting principles (a)		—			—			—			—			—			—			—			—			7,494			NM
Net charge-offs		2,907			2,507			3,103			3,720			5,104			16			(43	)		12,237			23,673			(48	)
Provision for loan losses		2,193			2,351			1,872			1,196			3,207			(7	)		(32	)		7,612			16,822			(55	)
Other		(27	)		(14	)		1			8			2			(93	)		NM			(32	)		21			NM
Ending balance	$	27,609		$	28,350		$	28,520		$	29,750		$	32,266			(3	)		(14	)	$	27,609		$	32,266			(14	)
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	686		$	626		$	688		$	717		$	873			10			(21	)	$	717		$	939			(24	)
Cumulative effect of change in accounting principles (a)		—			—			—			—			—			—			—			—			(18	)		NM
Provision for lending-related commitments		(9	)		60			(62	)		(27	)		(164	)		NM			95			(38	)		(183	)		79
Other		(4	)		—			—			(2	)		8			NM			NM			(6	)		(21	)		71
Ending balance	$	673		$	686		$	626		$	688		$	717			(2	)		(6	)	$	673		$	717			(6	)
ALLOWANCE FOR LOAN LOSSES BY LOB
Investment Bank (a)	$	1,436		$	1,337		$	1,178		$	1,330		$	1,863			7			(23	)
Retail Financial Services (a)		15,247			15,479			15,479			15,554			15,554			(1	)		(2	)
Card Services & Auto (a)		8,009			8,537			8,921			9,940			11,933			(6	)		(33	)
Commercial Banking		2,603			2,671			2,614			2,577			2,552			(3	)		2
Treasury & Securities Services		65			49			74			69			65			33			—
Asset Management		209			240			222			257			267			(13	)		(22	)
Corporate/Private Equity		40			37			32			23			32			8			25
Total	$	27,609		$	28,350		$	28,520		$	29,750		$	32,266			(3	)		(14	)

(a) Effective January 1, 2010, the Firm adopted accounting guidance related to VIEs. Upon the adoption of the guidance, the Firm consolidated its Firm-sponsored credit card securitization trusts, its Firm-administered multi-seller conduits and certain other consumer loan securitization entities, primarily mortgage-related. As a result of the consolidation, $7.5 billion of allowance for loan losses were recorded on balance sheet with the consolidation of these entities.

Page 38

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

																December 31, 2011 Change
	Dec 31, 2011			Sep 30, 2011			Jun 30, 2011			Mar 31, 2011			Dec 31, 2010			Sep 30, 2011			Dec 31, 2010
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Wholesale
Asset-specific	$	516		$	670		$	749		$	1,030		$	1,574			(23	)%		(67	)%
Formula-based		3,800			3,632			3,342			3,204			3,187			5			19
Total wholesale		4,316			4,302			4,091			4,234			4,761			—			(9	)
Consumer, excluding credit card
Asset-specific		828			1,016			1,049			1,067			1,075			(19	)		(23	)
Formula-based		9,755			10,563			10,397			10,467			10,455			(8	)		(7	)
PCI		5,711			4,941			4,941			4,941			4,941			16			16
Total consumer, excluding credit card		16,294			16,520			16,387			16,475			16,471			(1	)		(1	)
Credit card
Asset-specific		2,727			3,052			3,451			3,819			4,069			(11	)		(33	)
Formula-based		4,272			4,476			4,591			5,222			6,965			(5	)		(39	)
Total credit card		6,999			7,528			8,042			9,041			11,034			(7	)		(37	)
Total consumer		23,293			24,048			24,429			25,516			27,505			(3	)		(15	)
Total allowance for loan losses		27,609			28,350			28,520			29,750			32,266			(3	)		(14	)
Allowance for lending-related commitments		673			686			626			688			717			(2	)		(6	)
Total allowance for credit losses	$	28,282		$	29,036		$	29,146		$	30,438		$	32,983			(3	)		(14	)
CREDIT RATIOS
Wholesale allowance to total wholesale retained loans		1.55	%		1.68	%		1.68	%		1.84	%		2.14	%
Consumer, excluding credit card allowance, to total consumer, excluding credit card retained loans		5.28			5.33			5.20			5.13			5.03
Credit card allowance to total credit card retained loans		5.30			5.93			6.41			7.24			8.14
Total allowance to total retained loans		3.84			4.09			4.16			4.40			4.71
Wholesale allowance to wholesale retained nonaccrual loans		180			143			122			92			86
Consumer, excluding credit card allowance, to consumer, excluding credit card retained nonaccrual loans (a)		220			211			196			192			186
Allowance, excluding credit card allowance, to retained non-accrual loans, excluding credit card nonaccrual loans (a)		210			192			175			157			148
Total allowance to total retained nonaccrual loans		281			262			243			226			225
CREDIT RATIOS, excluding PCI loans (b)
Consumer, excluding credit card allowance, to total consumer, excluding credit card retained loans		4.36			4.77			4.65			4.61			4.53
Total allowance to total retained loans		3.35			3.74			3.83			4.10			4.46
Consumer, excluding credit card allowance, to consumer, excluding credit card retained nonaccrual loans (a)		143			148			137			135			131
Allowance, excluding credit card allowance, to retained non-accrual loans, excluding credit card nonaccrual loans (a)		152			147			133			120			114
Total allowance to total retained nonaccrual loans		223			216			201			189			190

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

(b) Excludes the impact of PCI loans that were acquired as part of the Washington Mutual transaction.

Page 39

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
PROVISION FOR CREDIT LOSSES BY LINE OF BUSINESS
Provision for loan losses
Investment Bank	$	298		$	(7	)	$	(142	)	$	(409	)	$	(140	)		NM	%		NM	%	$	(260	)	$	(1,193	)		78	%
Retail Financial Services		777			1,027			994			1,199			2,418			(24	)		(68	)		3,997			8,919			(55	)
Card Services & Auto		1,061			1,264			944			353			710			(16	)		49			3,622			8,576			(58	)
Commercial Banking		29			73			73			51			184			(60	)		(84	)		226			437			(48	)
Treasury & Securities Services		16			(25	)		5			7			11			NM			45			3			(22	)		NM
Asset Management		23			26			7			5			22			(12	)		5			61			91			(33	)
Corporate/Private Equity		(11	)		(7	)		(9	)		(10	)		2			(57	)		NM			(37	)		14			NM
Total provision for loan losses	$	2,193		$	2,351		$	1,872		$	1,196		$	3,207			(7	)		(32	)	$	7,612		$	16,822			(55	)
Provision for lending-related commitments
Investment Bank	$	(26	)	$	61		$	(41	)	$	(20	)	$	(131	)		NM			80		$	(26	)	$	(7	)		(271	)
Retail Financial Services		2			—			—			—			—			NM			NM			2			—			NM
Card Services & Auto		(1	)		—			—			—			(1	)		NM			—			(1	)		(6	)		83
Commercial Banking		11			(6	)		(19	)		(4	)		(32	)		NM			NM			(18	)		(140	)		87
Treasury & Securities Services		3			5			(7	)		(3	)		(1	)		(40	)		NM			(2	)		(25	)		92
Asset Management		1			—			5			—			1			NM			—			6			(5	)		NM
Corporate/Private Equity		1			—			—			—			—			NM			NM			1			—			NM
Total provision for lending-related commitments	$	(9	)	$	60		$	(62	)	$	(27	)	$	(164	)		NM			95		$	(38	)	$	(183	)		79
Provision for credit losses
Investment Bank	$	272		$	54		$	(183	)	$	(429	)	$	(271	)		404			NM		$	(286	)	$	(1,200	)		76
Retail Financial Services		779			1,027			994			1,199			2,418			(24	)		(68	)		3,999			8,919			(55	)
Card Services & Auto		1,060			1,264			944			353			709			(16	)		50			3,621			8,570			(58	)
Commercial Banking		40			67			54			47			152			(40	)		(74	)		208			297			(30	)
Treasury & Securities Services		19			(20	)		(2	)		4			10			NM			90			1			(47	)		NM
Asset Management		24			26			12			5			23			(8	)		4			67			86			(22	)
Corporate/Private Equity		(10	)		(7	)		(9	)		(10	)		2			(43	)		NM			(36	)		14			NM
Total provision for credit losses	$	2,184		$	2,411		$	1,810		$	1,169		$	3,043			(9	)		(28	)	$	7,574		$	16,639			(54	)
PROVISION FOR CREDIT LOSSES BY PORTFOLIO SEGMENT
Provision for loan losses
Wholesale	$	364		$	67		$	(55	)	$	(359	)	$	77			443			373		$	17		$	(673	)		NM
Consumer, excluding credit card		939			1,285			1,117			1,329			2,459			(27	)		(62	)		4,670			9,458			(51	)
Credit card		890			999			810			226			671			(11	)		33			2,925			8,037			(64	)
Total consumer		1,829			2,284			1,927			1,555			3,130			(20	)		(42	)		7,595			17,495			(57	)
Total provision for loan losses	$	2,193		$	2,351		$	1,872		$	1,196		$	3,207			(7	)		(32	)	$	7,612		$	16,822			(55	)
Provision for lending-related commitments
Wholesale	$	(11	)	$	60		$	(62	)	$	(27	)	$	(163	)		NM			93		$	(40	)	$	(177	)		77
Consumer, excluding credit card		2			—			—			—			(1	)		NM			NM			2			(6	)		NM
Credit card		—			—			—			—			—			—			—			—			—			—
Total consumer		2			—			—			—			(1	)		NM			NM			2			(6	)		NM
Total provision for lending-related commitments	$	(9	)	$	60		$	(62	)	$	(27	)	$	(164	)		NM			95		$	(38	)	$	(183	)		79
Provision for credit losses
Wholesale	$	353		$	127		$	(117	)	$	(386	)	$	(86	)		178			NM		$	(23	)	$	(850	)		97
Consumer, excluding credit card		941			1,285			1,117			1,329			2,458			(27	)		(62	)		4,672			9,452			(51	)
Credit card		890			999			810			226			671			(11	)		33			2,925			8,037			(64	)
Total consumer		1,831			2,284			1,927			1,555			3,129			(20	)		(41	)		7,597			17,489			(57	)
Total provision for credit losses	$	2,184		$	2,411		$	1,810		$	1,169		$	3,043			(9	)		(28	)	$	7,574		$	16,639			(54	)

Page 40

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
95% CONFIDENCE LEVEL- AVERAGE IB TRADING VAR, CREDIT PORTFOLIO VAR AND OTHER VAR
IB VaR by risk type:
Fixed income	$	56		$	48		$	45		$	49		$	53			17	%		6	%	$	50		$	65			(23	)%
Foreign exchange		12			10			9			11			10			20			20			11			11			—
Equities		19			19			25			29			23			—			(17	)		23			22			5
Commodities and other		20			15			16			13			14			33			43			16			16			—
Diversification benefit to IB trading VaR (a)		(50	)		(39	)		(37	)		(38	)		(38	)		(28	)		(32	)		(42	)		(43	)		2
IB trading VaR (b)		57			53			58			64			62			8			(8	)		58			71			(18	)
Credit portfolio VaR (c)		39			38			27			26			26			3			50			33			26			27
Diversification benefit to IB trading and credit portfolio VaR (a)		(21	)		(21	)		(8	)		(7	)		(10	)		—			(110	)		(15	)		(10	)		(50	)
Total IB trading and credit portfolio VaR		75			70			77			83			78			7			(4	)		76			87			(13	)
Other VaR:
Mortgage Production and Servicing VaR (d)		44			40			20			16			17			10			159			30			23			30
Chief Investment Office VaR (e)		69			48			51			60			49			44			41			57			61			(7	)
Diversification benefit to total other VaR (a)		(30	)		(15	)		(10	)		(14	)		(10	)		(100	)		(200	)		(17	)		(13	)		(31	)
Total other VaR		83			73			61			62			56			14			48			70			71			(1	)
Diversification benefit to total IB and other VaR (a)		(45	)		(35	)		(44	)		(57	)		(39	)		(29	)		(15	)		(45	)		(59	)		24
Total IB and other VaR (f)	$	113		$	108		$	94		$	88		$	95			5			19		$	101		$	99			2

(a) Average 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. The risk of a portfolio of positions is therefore usually less than the sum of the risks of the positions themselves.

(b) IB trading VaR includes substantially all trading activities in IB, including the credit spread sensitivity of certain mortgage products and syndicated lending facilities that the Firm intends to distribute; however, particular risk parameters of certain products are not fully captured, for example, correlation risk. IB trading VaR does not include the DVA taken on derivative and structured liabilities to reflect the credit quality of the Firm.

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

(d) Mortgage Production and Servicing VaR includes the Firm’s mortgage pipeline and warehouse, MSR and all related hedges.

(e) CIO VaR includes positions, primarily in debt securities and credit products, used to manage structural risk and other risks, including interest rate, credit and mortgage risks arising from the Firm’s ongoing business activities.

(f) Total IB and other VaR excludes the retained credit portfolio, which is not marked to market (but it does include hedges of those positions), and certain nontrading activity, such as principal investing (e.g., mezzanine financing, tax-oriented investments, etc.), and certain securities and investments held by Corporate/Private Equity, including private equity investments, capital management positions and longer-term corporate investments managed by CIO.

Page 41

JPMORGAN CHASE & CO. CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS (in millions, except ratio data)

																December 31,  2011 Change						FULL YEAR
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Dec 31,							2011 Change
	2011			2011			2011			2011			2010			2011			2010			2011		2010		2010
CAPITAL
Tier 1 capital	$	150,384	(e)	$	147,823		$	148,880		$	147,234		$	142,450			2	%		6	%
Total capital		188,128	(e)		186,510			187,899			186,417			182,216			1			3
Tier 1 common capital (a)		122,915	(e)		120,234			121,209			119,598			114,763			2			7
Risk-weighted assets		1,224,390	(e)		1,217,548			1,198,711			1,192,536			1,174,978			1			4
Adjusted average assets (b)		2,202,087	(e)		2,168,678			2,129,510			2,041,153			2,024,515			2			9
Tier 1 capital ratio		12.3	(e)%		12.1	%		12.4	%		12.3	%		12.1	%
Total capital ratio		15.4	(e)		15.3			15.7			15.6			15.5
Tier 1 common capital ratio (a)		10.0	(e)		9.9			10.1			10.0			9.8
Tier 1 leverage ratio		6.8	(e)		6.8			7.0			7.2			7.0
TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity	$	175,773		$	174,487		$	175,079		$	172,798		$	168,306			1			4
Less: Goodwill		48,188			48,180			48,882			48,856			48,854			—			(1	)
Less: Other intangible assets		3,207			3,396			3,679			3,857			4,039			(6	)		(21	)
Add: Deferred tax liabilities (d)		2,729			2,645			2,632			2,603			2,586			3			6
Total tangible common equity	$	127,107		$	125,556		$	125,150		$	122,688		$	117,999			1			8
TANGIBLE COMMON EQUITY (average) (c)
Common stockholders’ equity	$	175,042		$	174,454		$	174,077		$	169,415		$	166,812			—			5		$	173,266	$	161,520		7	%
Less: Goodwill		48,225			48,631			48,834			48,846			48,831			(1	)		(1	)		48,632		48,618		—
Less: Other intangible assets		3,326			3,545			3,738			3,928			4,054			(6	)		(18	)		3,632		4,178		(13	)
Add: Deferred tax liabilities (d)		2,687			2,639			2,618			2,595			2,621			2			3			2,635		2,587		2
Total tangible common equity	$	126,178		$	124,917		$	124,123		$	119,236		$	116,548			1			8		$	123,637	$	111,311		11
INTANGIBLE ASSETS (period-end)
Goodwill	$	48,188		$	48,180		$	48,882		$	48,856		$	48,854			—			(1	)
Mortgage servicing rights		7,223			7,833			12,243			13,093			13,649			(8	)		(47	)
Purchased credit card relationships		602			668			744			820			897			(10	)		(33	)
All other intangibles		2,605			2,728			2,935			3,037			3,142			(5	)		(17	)
Total intangibles	$	58,618		$	59,409		$	64,804		$	65,806		$	66,542			(1	)		(12	)
DEPOSITS (period-end)
U.S. offices:
Noninterest-bearing	$	346,670		$	323,058		$	287,654		$	244,136		$	228,555			7			52
Interest-bearing		504,864			484,640			469,618			468,654			455,237			4			11
Non-U.S. offices:
Noninterest-bearing		18,790			14,724			13,422			11,644			10,917			28			72
Interest-bearing		257,482			270,286			277,991			271,395			235,660			(5	)		9
Total deposits	$	1,127,806		$	1,092,708		$	1,048,685		$	995,829		$	930,369			3			21

(a) The Firm uses Tier 1 common capital along with the other capital measures to assess and monitor its capital position. The Tier 1 common capital ratio, a non-GAAP financial measure, is Tier 1 common capital divided by risk-weighted assets. For further discussion of the Tier 1 common capital ratio, see page 45.

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

(c) ROTCE, a non-GAAP financial ratio, measures the Firm’s earnings as a percentage of tangible common equity. 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 competitors. For further discussion, see page 45.

(d) 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.

(e) Estimated.

Page 42

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
MORTGAGE LOAN REPURCHASE LIABILITY (a)
Summary of changes in mortgage repurchase liability:
Repurchase liability at beginning of period	$	3,616		$	3,631		$	3,474		$	3,285		$	3,307			—	%		9	%	$	3,285		$	1,705			93	%
Realized losses (b)		(462	)		(329	)		(241	)		(231	)		(371	)		(40	)		(25	)		(1,263	)		(1,423	)		11
Provision for repurchase losses		403			314			398			420			349			28			15			1,535			3,003			(49	)
Repurchase liability at end of period	$	3,557		$	3,616		$	3,631		$	3,474		$	3,285			(2	)		8		$	3,557		$	3,285			8
Outstanding repurchase demands and unresolved mortgage insurance rescission notices by counterparty type: (c)(d)
GSEs and other	$	2,345		$	2,133		$	1,826		$	1,321		$	1,251			10			87		$	2,345		$	1,251			87
Mortgage insurers		1,034			1,112			1,093			1,240			1,121			(7	)		(8	)		1,034			1,121			(8	)
Overlapping population (e)		(113	)		(155	)		(145	)		(127	)		(104	)		27			(9	)		(113	)		(104	)		(9	)
Total	$	3,266		$	3,090		$	2,774		$	2,434		$	2,268			6			44		$	3,266		$	2,268			44
Quarterly mortgage repurchase demands received by loan origination vintage: (c)(d)
Pre-2005	$	39		$	34		$	32		$	15		$	39			15			—		$	120		$	124			(3	)
2005		55			200			57			45			73			(73	)		(25	)		357			291			23
2006		315			232			363			158			198			36			59			1,068			950			12
2007		804			602			510			381			539			34			49			2,297			2,045			12
2008		291			323			301			249			254			(10	)		15			1,164			729			60
Post-2008		81			153			89			94			65			(47	)		25			417			184			127
Total	$	1,585		$	1,544		$	1,352		$	942		$	1,168			3			36		$	5,423		$	4,323			25

(a) For further details regarding the Firm’s mortgage repurchase liability, see Mortgage repurchase liability on pages 53-56 and Note 21, on pages 176-180, of JPMorgan Chase’s third quarter Form 10-Q.

(b) Includes principal losses and accrued interest on repurchased loans, “make-whole” settlements, settlements with claimants, and certain related expense. Make-whole settlements were $237 million, $162 million, $126 million, $115 million and $152 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and $640 million and $632 million for full year 2011 and 2010, respectively.

(c) Periods prior to June 30, 2011 have been revised to include repurchase demands and mortgage insurance rescission notices related to certain loans sold or deposited into private-label securitizations. The Firm’s outstanding repurchase demands are predominantly from the GSEs.

(d) Excludes amounts related to Washington Mutual.

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

Page 43

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

	QUARTERLY TRENDS																					FULL YEAR
																4Q11 Change												2011 Change
	4Q11			3Q11			2Q11			1Q11			4Q10			3Q11			4Q10			2011			2010			2010
EARNINGS PER SHARE DATA
Basic earnings per share:
Net income	$	3,728		$	4,262		$	5,431		$	5,555		$	4,831			(13	) %		(23	) %	$	18,976		$	17,370			9	%
Less: Preferred stock dividends		157			157			158			157			157			—			—			629			642			(2	)
Net income applicable to common equity		3,571			4,105			5,273			5,398			4,674			(13	)		(24	)		18,347			16,728			10
Less: Dividends and undistributed earnings allocated to participating securities		146			169			206			262			262			(14	)		(44	)		779			964			(19	)
Net income applicable to common stockholders	$	3,425		$	3,936		$	5,067		$	5,136		$	4,412			(13	)		(22	)	$	17,568		$	15,764			11
Total weighted-average basic shares outstanding		3,801.9			3,859.6			3,958.4			3,981.6			3,917.0			(1	)		(3	)		3,900.4			3,956.3			(1	)
Net income per share	$	0.90		$	1.02		$	1.28		$	1.29		$	1.13			(12	)		(20	)	$	4.50		$	3.98			13
Diluted earnings per share:
Net income applicable to common stockholders	$	3,425		$	3,936		$	5,067		$	5,136		$	4,412			(13	)		(22	)	$	17,568		$	15,764			11
Total weighted-average basic shares outstanding		3,801.9			3,859.6			3,958.4			3,981.6			3,917.0			(1	)		(3	)		3,900.4			3,956.3			(1	)
Add: Employee stock options, SARs and warrants (a)		9.8			12.6			24.8			32.5			18.2			(22	)		(46	)		19.9			20.6			(3	)
Total weighted-average diluted shares outstanding (b)		3,811.7			3,872.2			3,983.2			4,014.1			3,935.2			(2	)		(3	)		3,920.3			3,976.9			(1	)
Net income per share	$	0.90		$	1.02		$	1.27		$	1.28		$	1.12			(12	)		(20	)	$	4.48		$	3.96			13
COMMON SHARES OUTSTANDING
Common shares — at period end		3,772.7			3,798.9			3,910.2			3,986.6			3,910.3			(1	)		(4	)		3,772.7			3,910.3			(4	)
Cash dividends declared per share	$	0.25		$	0.25		$	0.25		$	0.25	(g)	$	0.05			—			400		$	1.00	(g)	$	0.20			400
Book value per share		46.59			45.93			44.77			43.34			43.04			1			8			46.59			43.04			8
Dividend payout ratio		27	%		24	%		19	%		20	%		4	%								22	%		5	%
SHARE PRICE (c)
High	$	37.54		$	42.55		$	47.80		$	48.36		$	43.12			(12	)		(13	)	$	48.36		$	48.20			—
Low		27.85			28.53			39.24			42.65			36.21			(2	)		(23	)		27.85			35.16			(21	)
Close		33.25			30.12			40.94			46.10			42.42			10			(22	)		33.25			42.42			(22	)
Market capitalization		125,442			114,422			160,083			183,783			165,875			10			(24	)		125,442			165,875			(24	)
COMMON EQUITY REPURCHASE PROGRAM (d)
Aggregate common equity repurchased	$	863.8	(e)	$	4,424.9	(f)	$	3,479.8		$	95.0		$	685.2			(80	)		26		$	8,863.5	(e) (f)	$	2,998.6			196
Common equity repurchased		27.2	(e)		127.4	(f)		80.3			2.1			17.9			(79	)		52			237.0	(e) (f)		77.9			204
Average purchase price	$	31.75	(e)	$	34.72	(f)	$	43.33		$	45.66		$	38.37			(9	)		(17	)	$	37.39	(e) (f)	$	38.49			(3	)

(a) Excluded from the computation of diluted EPS (due to the antidilutive effect) were options issued under employee benefit plans and the warrants originally issued in 2008 under the U.S. Treasury’s Capital Purchase Program to purchase shares of the Firm’s common stock. The aggregate number of shares issuable upon the exercise of such options and warrants was 197 million, 197 million, 53 million, 85 million and 233 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and 133 million and 233 million for full year 2011 and 2010, respectively.

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

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

(d) On March 18, 2011, the Board of Directors approved a $15.0 billion common equity (i.e., common stock and warrants) repurchase program, of which $8.95 billion was authorized for repurchase in 2011. The $15.0 billion repurchase program supersedes a $10.0 billion repurchase program approved in 2007. Management and the Board will continue to assess and make decisions regarding alternatives for deploying capital, as appropriate, over the course of the year. Any planned use of the repurchase program beyond the repurchases approved for 2011 will be reviewed by the Firm with banking regulators before taking action.

(e) Excludes $86.2 million of repurchases in December 2011, which settled in early January 2012.

(f) Includes impact of aggregate repurchases of 10.2 million warrants during the three months ended September 30, 2011.

(g) On March 18, 2011, the Board of Directors increased the Firm’s quarterly common stock dividend from $0.05 to $0.25 per share.

Page 44

JPMORGAN CHASE & CO. NON-GAAP FINANCIAL MEASURES

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

(a) In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s results and the results of the lines of business on a “managed” basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the business segments) on a FTE basis. Accordingly, revenue from 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.

(b) The ratio for 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.

(c) 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 tax liabilities. ROTCE 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 competitors.

(d) Tier 1 common capital ratio is Tier 1 common capital divided by risk-weighted assets. Tier 1 common capital (“Tier 1 common”) is defined as Tier 1 capital less elements of 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 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 along with other capital measures to assess and monitor its capital position.

(e) TSS Firmwide revenue includes certain TSS product revenue and liability balances reported in other lines of business, mainly CB, RFS and AM, related to customers who are also customers of those lines of business.

(f) Retail Financial Services uses the overhead ratio (excluding the amortization of core deposit intangibles (“CDI”)) to evaluate the underlying expense trends of the business. Including CDI amortization expense in the overhead ratio calculation would result in a higher overhead ratio in the earlier years and a lower overhead ratio in later years. This method would therefore result in an improving overhead ratio over time, all things remaining equal. The non-GAAP ratio excludes Consumer & Business Banking’s CDI amortization expense related to prior business combination transactions.

(g) Adjusted assets equals total assets minus: (1) securities purchased under resale agreements and securities borrowed less securities sold, not yet purchased; (2) assets of consolidated VIEs; (3) cash and securities segregated and on deposit for regulatory and other purposes; (4) goodwill and intangibles; and (5) securities received as collateral. The amount of adjusted assets is presented to assist the reader in comparing IB’s asset and capital levels with those of other investment banks in the securities industry. Asset-to-equity leverage ratios are commonly used as one measure to assess a company’s capital adequacy. IB believes an adjusted asset amount that excludes the assets discussed above, which were considered to have a low risk profile, provides a more meaningful measure of balance sheet leverage in the securities industry.

Page 45

JPMORGAN CHASE & CO. GLOSSARY OF TERMS

ACH: Automated Clearing House.

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

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

Contractual credit card charge-off: In accordance with the Federal Financial Institutions Examination Council policy, credit card loans are charged off by the end of the month in which the account becomes 180 days past due or within 60 days from receiving notification about a specific event (e.g., bankruptcy of the borrower), whichever is earlier.

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

Global Corporate Bank: TSS and IB formed a joint venture to create the Firm’s Global Corporate Bank. With a team of bankers, the Global Corporate Bank serves multinational clients by providing them access to TSS products and services and certain IB products, including derivatives, foreign exchange and debt. The cost of this effort and the credit that the Firm extends to these clients is shared between TSS and IB.

Interests in purchased receivables: Represents an ownership interest in cash flows of an underlying pool of receivables transferred by a third-party seller into a bankruptcy-remote entity, generally a trust.

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

Mark-to-market exposure: A measure, at a point in time, of the value of a derivative or foreign exchange contract in the open market. When the MTM value is positive, it indicates the counterparty owes JPMorgan Chase and, therefore, creates credit risk for the Firm. When the MTM value is negative, JPMorgan Chase owes the counterparty; in this situation, the Firm has liquidity risk.

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

NA: Data is not applicable or available for the period presented.

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

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

NM: Not meaningful.

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

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

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

Page 46

JPMORGAN CHASE & CO. GLOSSARY OF TERMS

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

Principal transactions: Realized and unrealized gains and losses from trading activities (including physical commodities inventories that are accounted for at the lower of cost or fair value) and changes in fair value associated with financial instruments held predominantly by IB for which the fair value option was elected. Principal transactions revenue also includes private equity gains and losses.

Purchased credit-impaired (“PCI”) loans: Acquired loans deemed to be credit-impaired under the Financial Accounting Standards Board guidance for PCI loans. The guidance allows purchasers to aggregate credit-impaired loans acquired in the same fiscal quarter into one or more pools, provided that the loans have common risk characteristics (e.g., FICO score, geographic location). A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Wholesale loans are determined to be credit-impaired if they meet the definition of an impaired loan under U.S. GAAP at the acquisition date. Consumer loans are determined to be credit-impaired based on specific risk characteristics of the loan, including product type, LTV ratios, FICO scores, and past due status.

Receivables from customers: Primarily represents margin loans to prime and retail brokerage customers which are included in accrued interest and accounts receivable on the Consolidated Balance Sheets for the wholesale lines of business.

Reported basis: Financial statements prepared under U.S. GAAP, which excludes the impact of taxable-equivalent adjustments.

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

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

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

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

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

Value-at-risk (“VaR”): A measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.

Washington Mutual transaction: On September 25, 2008, JPMorgan Chase acquired the banking operations of Washington Mutual Bank (“Washington Mutual”) from the FDIC. For additional information, see Note 2 on pages 166-170 of JPMorgan Chase’s 2010 Annual Report.

Page 47

JPMORGAN CHASE & CO. GLOSSARY OF TERMS

INVESTMENT BANK (“IB”)

IB’s revenue comprises the following:

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

Fixed income markets primarily include revenue related to market-making across global fixed income markets, including foreign exchange, interest rate, credit and commodities markets.

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

Credit portfolio revenue includes net interest income, fees and loan sale activity, as well as gains or losses on securities received as part of a loan restructuring, for IB’s credit portfolio. Credit portfolio revenue also includes the results of risk management related to the Firm’s lending and derivative activities.

RETAIL FINANCIAL SERVICES (“RFS”)

Description of selected business metrics within Consumer & Business Banking:

Client investment managed accounts – Assets actively managed by Chase Wealth Management on behalf of clients. The percentage of managed accounts is calculated by dividing managed account assets by total client investment assets.

Active mobile customers – Retail banking users of all mobile platforms, which include: SMS text, Mobile Browser, iPhone, iPad and Android, who have been active in the past 90 days.

Client advisors – Investment product specialists, including Private Client Advisors, Financial Advisors, Financial Advisor Associates, Senior Financial Advisors, Independent Financial Advisors and Financial Advisor Associate trainees, who advise clients on investment options, including annuities, mutual funds, stock trading services, etc., sold by the Firm or by third party vendors through retail branches, Chase Private Client branches and other channels.

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

Sales specialists – Retail branch office and field personnel, including Business Bankers, Relationship Managers and Loan Officers, who specialize in marketing and sales of various business banking products (i.e., business loans, letters of credit, deposit accounts, Chase paymentec, etc.) and mortgage products to existing and new clients.

RFS (continued)

Mortgage Production and Servicing revenue comprises the following:

Net production revenue includes net gains or losses on originations and sales of prime and subprime mortgage loans, other production-related fees and losses related to the repurchase of previously-sold loans.

Net mortgage servicing revenue includes the following components:

a) Operating revenue comprises:

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

• Modeled servicing portfolio runoff (or time decay).

b) Risk management comprises:

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

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

Mortgage origination channels comprise the following:

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

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

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

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

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

Page 48

JPMORGAN CHASE & CO. GLOSSARY OF TERMS

CARD SERVICES & AUTO (“Card”)

Description of selected business metrics within Card:

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

Open accounts – Cardmember accounts with charging privileges.

Merchant Services business – A business that processes bank card transactions for merchants.

Bank card volume – Dollar amount of transactions processed for merchants.

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

Auto origination volume – Dollar amount of loans and leases originated.

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

COMMERCIAL BANKING (“CB”)

CB Client Segments:

1. Middle Market Banking covers corporate, municipal, financial institution and not-for-profit clients, with annual revenue generally ranging between $10 million and $500 million.

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

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

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

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

CB (continued)

CB Revenue:

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

2. Treasury services includes a broad range of products and services enabling clients to transfer, invest and manage the receipt and disbursement of funds, while providing the related information reporting. These products and services include U.S. dollar and multi-currency clearing, ACH, lockbox, disbursement and reconciliation services, check deposits, other check and currency-related services, trade finance and logistics solutions, deposit products, sweeps and money market mutual funds.

3. Investment banking products provide clients with sophisticated capital-raising alternatives, as well as balance sheet and risk management tools through loan syndications, investment-grade debt, asset-backed securities, private placements, high-yield bonds, equity underwriting, advisory, interest rate derivatives, foreign exchange hedges and securities sales.

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

Description of selected business metrics within CB:

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

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

Page 49

JPMORGAN CHASE & CO. GLOSSARY OF TERMS

TREASURY & SECURITIES SERVICES (“TSS”)

Treasury & Securities Services firmwide metrics include certain TSS product revenue and liability balances reported in other lines of business related to customers who are also customers of those other lines of business. In order to capture the firmwide impact of Treasury Services and TSS products and revenue, management reviews firmwide metrics such as liability balances, revenue and overhead ratios in assessing financial performance for TSS. Firmwide metrics are necessary, in management’s view, in order to understand the aggregate TSS business.

Description of a business metric within TSS:

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

Description of selected products and services within TSS:

1. Investor Services includes primarily custody, fund accounting and administration, and securities lending products sold principally to asset managers, insurance companies and public & private investment funds.

2. Clearance, Collateral Management & Depositary Receipts primarily includes broker-dealer clearing and custody services, including tri-party repo transactions, collateral management products, and depositary bank services for American and global depositary receipt programs.

3. Transaction Services includes a broad range of products and services that enable clients to manage payments and receipts, as well as invest and manage funds. Products include U.S. dollar and multi-currency clearing, ACH, lockbox, disbursement and reconciliation services, check deposits, and currency related services.

4. Trade Finance enables the management of cross-border trade for bank and corporate clients. Products include loans directly tied to goods crossing borders, export/import loans, commercial letters of credit, standby letters of credit, and supply chain finance.

Pre-provision profit ratio represents total net revenue less total noninterest expense divided by total net revenue. This reflects the operating performance before the impact of credit, and is another measure of performance for TSS against the performance of competitors.

ASSET MANAGEMENT (“AM”)

Assets under management – Represent assets actively managed by AM on behalf of Private Banking, Institutional, and Retail clients. Includes “committed capital not called”, on which AM earns fees. Excludes assets managed by American Century Companies, Inc. in which the Firm sold its minority ownership interest on August 31, 2011.

Assets under supervision – Represents assets under management, as well as custody, brokerage, administration and deposit accounts.

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

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

AM’s client segments comprise the following:

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

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

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

Page 50