8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): April 14, 2010

JPMORGAN CHASE & CO.

(Exact name of registrant as specified in its charter)

Delaware	1-5805	13-2624428
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
270 Park Avenue, New York, NY		10017
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure

On April 14, 2010, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) held an investor presentation to review first quarter 2010 earnings.

Exhibit 99.1 is a copy of slides furnished at, and posted on the Firm’s website in connection with, the presentation. The slides are being furnished pursuant to Item 7.01, and the information contained therein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities under that Section. Furthermore, the information contained in Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Firm under the Securities Act of 1933.

This current report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase’s actual results to differ materially from those described in the forward-looking statements can be found in the Firm’s Annual Report on Form 10-K for the year ended December 31, 2009, which has been filed with the Securities and Exchange Commission and is available on JPMorgan Chase’s website (www.jpmorganchase.com) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description of Exhibit
99.1	JPMorgan Chase & Co. Analyst Presentation Slides — First Quarter 2010 Financial Results

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		JPMORGAN CHASE & CO. (Registrant)
	By:	/s/ Louis Rauchenberger
		Louis Rauchenberger
		Managing Director and Controller
Dated: April 15, 2010		[Principal Accounting Officer]

3

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
99.1	JPMorgan Chase & Co. Analyst Presentation Slides — First Quarter 2010 Financial Results

4

EX-99.1

Exhibit 99.1

FINANCIAL RESULTS 1Q10 April 14, 2010

1Q10 Financial highlights 1Q10 Net income of $3.3B; EPS of $0.74; managed revenue1 of $28.2B Results include the following significant items: $ in millions, excluding EPS Pretax Net Income EPS LOB IB credit cost benefit $462 $286 $0.07 IB Increase to loan loss allowance for purchased credit-impaired portfolio (1,230) (763) (0.19) RFS Card reduction to loan loss allowance 1,000 620 0.16 Card Corporate trading and securities gains 1,021 633 0.16 Corporate Litigation reserves including those for mortgage-related matters (2,293) (1,422) (0.36) Corporate Investment Bank generated strong net income and Fixed Income Markets revenue Ranked #1 in Global Investment Banking Fees Consumer credit trends for Chase portfolios showed improvement in delinquencies Solid results from other businesses, including Asset Management, Commercial Banking and Retail Banking Balance sheet remained very strong: Tier 1 Capital of $131.4B, or 11.5%, and Tier 1 Common2 of R E S U L T S $104.0B, or 9.1% (estimated) 1 See note 1 on slide 18 F I N A N C I A L 2 See note 3 on slide 18 1

1Q10 Managed results1 $ in millions $ O/(U) 1Q10 4Q09 1Q09 Revenue (FTE)1 $28,172 $2,936 $1,250 Credit Costs 7,010 (1,891) (3,050) Expense 16,124 4,120 2,751 Reported Net Income $3,326 $48 $1,185 Net Income Applicable to Common $2,974 $22 $1,455 Reported EPS $0.74 — $0.34 ROE2 8% 8% 5% ROE Net of GW2 12% 11% 7% ROTCE2,3 12% 12% 8% R E S U L T S 1 Revenue is on a fully taxable-equivalent (FTE) basis. See note 1 on slide 18 2 Actual numbers for all periods, not over/under F I N A N C I A L 3 See note 4 on slide 18 2

Investment Bank $ in millions Net income of $2.5B on revenue of $8.3B ROE of 25% $ O/(U) IB fees of $1.4B up 5% YoY 1Q10 4Q09 1Q09 Revenue $8,319 $3,390 ($52) Ranked #1 YTD in Global Investment Banking Fees Investment Banking Fees 1,446 (446) 66 Fixed Income Markets revenue of $5.5B up 12% YoY Fixed Income Markets 5,464 2,729 575 reflecting strong results across most products Equity Markets 1,462 491 (311) Credit Portfolio (53) 616 (382) Equity Markets revenue of $1.5B reflecting solid client Credit Costs (462) (281) (1,672) revenue and strong trading results Expense 4,838 2,552 64 Net Income $2,471 $570 $865 Credit Portfolio loss of $53mm Key Statistics ($B)1 Credit costs driven by: Overhead Ratio 58% 46% 57% Comp/Revenue 35% 11% 40% Net reserve release due to realized repayments and loan sales EOP Loans $56.6 $49.1 $77.5 Allowance for Loan Losses $2.6 $3.8 $4.7 Charge-off events previously reserved NPLs $2.7 $3.5 $1.8 EOP loans increased $8B during 1Q10 and the Net Charge-off Rate2 4.83% 5.27% 0.21% allowance ratio declined to 4.9%, primarily due to the ALL / Loans2 4.91% 8.25% 7.04% consolidation of asset-backed commercial paper ROE3 25% 23% 20% conduits in accordance with new accounting guidance, VAR ($mm)4 $82 $124 $213 effective January 1, 20105 EOP Equity $40.0 $33.0 $33.0 R E S U L T S 1 Actual numbers for all periods, not over/under Expense of $4.8B flat YoY due to lower performance- 2 Loans held-for-sale and loans at fair value were excluded when calculating the loan based compensation, largely offset by increased loss coverage ratio and net charge-off rate 3 Calculated based on average equity; 1Q10, 4Q09 and 1Q09 average equity was litigation reserves including those for mortgage-related $40B, $33B, and $33B, respectively 4 Average Trading and Credit Portfolio VAR at 95% confidence interval matters F I N A N C I A L 5 See note 1 on slide 18 3

Retail Financial Services — drivers Retail Banking ($ in billions) Average deposits of $333.9B down 3% YoY and up 1% QoQ: YoY decline largely due to the maturation of high rate WaMu CDs 1Q10 4Q09 1Q09 Deposit margin expansion YoY reflects disciplined pricing strategy Key Statistics and a portfolio shift to wider spread deposit products Average Deposits $333.9 $329.8 $345.8 Deposit Margin 3.02% 3.06% 2.85% Branch production statistics: Checking Accts (mm) 25.8 25.7 25.0 Checking accounts up 3% YoY and flat QoQ # of Branches 5,155 5,154 5,186 Credit card sales down 16% YoY and up 8% QoQ # of ATMs 15,549 15,406 14,159 Mortgage originations up 33% YoY and down 4% QoQ Investment Sales ($mm) $5,956 $5,851 $4,398 Investment sales up 35% YoY and 2% QoQ Business Banking Originations $0.9 $0.7 $0.5 Avg Business Banking Loans $16.9 $17.2 $18.3 Mortgage Banking & Other Consumer Lending ($ in billions) Total Mortgage Banking & Other Consumer Lending originations of $39.6B: 1Q10 4Q09 1Q09 Key Statistics Mortgage loan originations down 16% YoY and 9% QoQ Mortgage Loan Originations $31.7 $34.8 $37.7 Auto originations up 13% YoY and 7% QoQ: 3rd Party Mortgage Loans Svc’d $1,075 $1,082 $1,149 — Increase driven by market share gains in Prime segments and Auto Originations $6.3 $5.9 $5.6 new manufacturing relationships Avg Loans $77.8 $71.5 $67.5 3rd party mortgage loans serviced down 6% YoY Auto $46.9 $45.3 $42.5 Mortgage1 $12.5 $10.6 $7.4 Other Consumer Lending $18.4 $15.6 $17.6 Real Estate Portfolios ($ in billions) Average loans declined 12% YoY and 2% QoQ reflecting run-off in the portfolios: 1Q10 4Q09 1Q09 Key Statistics Total loans included an increase of $3.6B due primarily to the R E S U L T S 6.76% 6.55% 4.60% consolidation of loans in accordance with new accounting ALL / Loans (excl. credit-impaired) guidance3 Avg Home Equity Loans Owned2 $125.7 $130.0 $141.8 Avg Mortgage Loans Owned2 $124.4 $125.7 $141.4 N A N C I A L 1 Predominantly represents loans repurchased from Government National Mortgage F I Associated (GNMA) pools, which are insured by U.S. government agencies 4 2 Includes purchased credit-impaired loans acquired as part of the WaMu transaction 3 See note 1 on slide 18

Retail Financial Services $ in millions Retail Financial Services net loss of $131mm compared with net income of $474mm in the prior year $ O/(U) 1Q10 4Q09 1Q09 Retail Banking net income of $898mm up 4% YoY: Retail Financial Services Total revenue of $4.3B flat YoY as the benefit from a shift to Net income ($131) $268 ($605) wider-spread deposit products and an increase in debit card ROE1,2 (2)% (6)% 8% $28 $25 $25 income were offset by declining deposit-related fees and EOP Equity ($B)1 Retail Banking time deposit balances Net Interest Income 2,635 (81) 21 Credit costs of $191mm down 41% YoY Noninterest Revenue 1,702 (102) (16) Expense flat YoY driven by efficiencies from the WaMu Total Revenue $4,337 ($183) $5 integration offset by increases in sales force and new Credit Costs 191 (57) (134) branch builds Expense 2,577 3 (3) Net Income $898 ($129) $35 Mortgage Banking & Other Consumer Lending net income of Mortgage Banking & Other Consumer Lending $257mm down $473mm YoY: Net Interest Income 893 91 85 Total revenue of $1.9B, down 30% YoY, reflecting lower Noninterest Revenue 1,018 217 (903) MSR risk management results and higher repurchase Total Revenue $1,911 $308 ($818) Credit Costs 217 (25) (188) losses Expense 1,246 83 109 Credit costs of $217mm reflect lower net charge-offs and Net Income $257 ($9) ($473) the absence of an addition to the allowance for loan losses RFS Net Income Excl. Real Estate Portfolios $1,155 ($138) ($438) Expense up 10% YoY reflecting higher default-related ROE1,3 26% 34% 42% expense, partially offset by a decrease in mortgage insurance losses Real Estate Portfolios Net Interest Income 1,496 (56) (320) Real Estate Portfolios net loss of $1.3B compared with a net Noninterest Revenue 32 38 74 loss of $1.1B in the prior year: Total Revenue $1,528 ($18) ($246) Credit costs of $3.3B reflect higher net charge-offs and an Credit Costs 3,325 (414) 178 R E S U L T S addition of $1.2B to the allowance for loan losses for Expense 419 (146) (35) purchased credit-impaired loans Net Income ($1,286) $406 ($167) Expense down 8% YoY reflecting lower foreclosed asset 1 Actual numbers for all periods, not over/under 2 Calculated based on average equity; average equity for 1Q10, 4Q09 and 1Q09 was expense F I N A N C I A L $28B, $25B and $25B, respectively 3 Calculated based on average equity; average equity for 1Q10, 4Q09 and 1Q09 was 5 $18.3B, $15.2B and $15.2B, respectively

Home Lending update Key statistics1 Overall commentary 1Q10 4Q09 1Q09 Delinquency trends showing continued stability, EOP owned portfolio ($B) with some initial signs of improvement across Home Equity $97.7 $101.4 $111.7 products Prime Mortgage2,3 60.5 59.4 65.4 Subprime Mortgage3 13.2 12.5 14.6 Prime and subprime mortgage delinquencies Net charge-offs ($mm) impacted by foreclosure moratorium, extended Home Equity $1,126 $1,177 $1,098 REO timelines and trial modifications Prime Mortgage4 459 568 312 Subprime Mortgage 457 452 364 Prior outlook1 Net charge-off rate Home Equity — quarterly losses could reach $1.4B Home Equity 4.59% 4.52% 3.93% over the next several quarters Prime Mortgage 3.10% 3.81% 1.95% Subprime Mortgage 13.43% 14.01% 9.91% Prime Mortgage — quarterly losses could reach Nonperforming loans ($mm) $600mm over the next several quarters Home Equity $1,427 $1,665 $1,591 Prime Mortgage4 4,527 4,309 2,691 Subprime Mortgage — quarterly losses could reach Subprime Mortgage 3,331 3,248 2,545 $500mm over the next several quarters 1 Excludes 1Q10 EOP home equity, prime mortgage and subprime mortgage purchased credit-impaired loans of $26.0B, $19.2B and $5.8B, respectively, Purchased credit-impaired loans acquired as part of the WaMu transaction 2 Ending balances include all noncredit-impaired prime mortgage balances held by Total purchased credit-impaired portfolio divided Retail Financial Services, including $12.2B of loans repurchased from GNMA pools that are insured by U.S. government agencies. These loans are included in into separate pools for impairment analysis Mortgage Banking & Other Consumer Lending R E S U L T S 3 1Q10 increase due to the consolidation of loans in accordance with new accounting guidance. See note 1 on slide 18 Increase in the allowance for loan losses of $0.6B 4 Net charge-offs and nonperforming loans exclude loans repurchased from GNMA pools that are insured by U.S. government agencies related to the Option ARM pool and $0.7B related F I N A N C I A L to the Prime Mortgage pool 6

Card Services (Managed)1 $ in millions Net loss of $303mm compared with a net loss of $547mm in 1Q09 $ O/(U) 1Q10 4Q09 1Q09 Credit costs of $3.5B include a reduction of $1.0B Revenue $4,447 ($701) ($682) to the allowance for loan losses, reflecting lower Credit Costs 3,512 (727) (1,141) estimated losses, partially offset by continued high Expense 1,402 6 56 levels of charge-offs Net Income ($303) $3 $244 Net charge-off rate (excluding the WaMu Key Statistics Incl. WaMu ($B)2 portfolio) of 10.54% in 1Q10 vs. 6.86% in 1Q09 ROO (pretax) (1.22)% (1.18)% (1.92)% ROE3 (8)% (8)% (15)% and 8.64% in 4Q09 EOP Equity $15.0 $15.0 $15.0 End-of-period outstandings (excluding the WaMu Key Statistics Excl. WaMu ($B)2 portfolio) of $132.1B down 12% YoY and 8% QoQ Avg Outstandings $137.2 $142.8 $155.8 EOP Outstandings $132.1 $143.8 $150.2 Sales volume (excluding the WaMu portfolio) up Sales Volume $66.9 $75.7 $62.5 New Accts Opened (mm) 2.5 3.2 2.2 7% YoY and down 12% QoQ Managed Margin 8.86% 9.40% 8.75% Revenue of $4.4B down 13% YoY and 14% QoQ Net Charge-Off Rate 10.54% 8.64% 6.86% 30+ Day Delinquency Rate 4.99% 5.52% 5.34% Managed margin (excluding the WaMu portfolio) of 1 See note 1 on slide 18 8.86% up from 8.75% in 1Q09 and down from 2 Actual numbers for all periods, not over/under 3 Calculated based on average equity; 1Q10, 4Q09 and 1Q09 average equity was 9.40% in 4Q09 R E S U L T S $15B F I N A N C I A L 7

Commercial Banking1 $ in millions Net income of $390mm up 15% YoY $ O/(U) Average loan balances down 15% YoY and 4% 1Q10 4Q09 1Q09 QoQ due to reduced client demand, while Revenue $1,416 $10 $14 average liability balances up 16% YoY Middle Market Banking 746 (14) (6) Commercial Term Lending 229 38 1 Mid-Corporate Banking 263 (14) 21 Revenue of $1.4B, up 1%, YoY Real Estate Banking 100 — (20) Other 78 — 18 Credit costs of $214mm, down 27% YoY Credit Costs 214 (280) (79) Higher net charge-offs due to continued Expense 539 (4) (14) Net Income $390 $166 $52 weakness in commercial real estate Key Statistics ($B)2 Avg Loans & Leases $96.6 $100.2 $113.9 Expense down 3% YoY due to lower EOP Loans & Leases $95.7 $97.4 $111.2 Avg Liability Balances3 $133.1 $122.5 $115.0 headcount-related expense6, volume-related Allowance for Loan Losses $3.0 $3.0 $2.9 expense and FDIC insurance premiums, largely NPLs $3.0 $2.8 $1.5 offset by higher performance-based Net Charge-Off Rate4 0.96% 1.92% 0.48% compensation; overhead ratio of 38% ALL / Loans4 3.15% 3.12% 2.65% ROE5 20% 11% 17% Overhead Ratio 38% 39% 39% EOP Equity $8.0 $8.0 $8.0 1 See note 1 on slide 18 2 Actual numbers for all periods, not over/under R E S U L T S 3 Includes deposits and deposits swept to on-balance sheet liabilities 4 Loans held-for-sale and loans at fair value were excluded when calculating the loan loss coverage ratio and net charge-off rate 5 Calculated based on average equity; 1Q10, 4Q09 and 1Q09 average equity was $8B F I N A N C I A L 6 See note 5 on slide 18 8

Treasury & Securities Services $ in millions Net income of $279mm down 9% YoY and up $ O/(U) 18% QoQ Pretax margin of 25% 1Q10 4Q09 1Q09 Revenue $1,756 ($79) ($65) Liability balances down 10% YoY Worldwide Securities Services 874 (43) (16) Treasury Services 882 (36) (49) Assets under custody up 13% YoY Expense 1,325 (66) 6 Net Income $279 $42 ($29) Revenue of $1.8B down 4% YoY primarily Key Statistics1 driven by: Avg Liability Balances ($B)2 $247.9 $250.7 $276.5 WSS revenue of $874mm down 2% YoY due Assets under Custody ($T) $15.3 $14.9 $13.5 to lower spreads in securities lending, lower Pretax Margin 25% 20% 26% liability balances, and the impact of lower ROE3 17% 19% 25% volatility on foreign exchange, partially offset TSS Firmwide Revenue $2,450 $2,537 $2,529 by the effects of higher market levels and net TS Firmwide Revenue $1,576 $1,620 $1,639 inflows on assets under custody TSS Firmwide Avg Liab Bal ($B)2 $381.0 $373.2 $391.5 TS revenue of $882mm down 5% YoY, EOP Equity ($B) $6.5 $5.0 $5.0 reflecting lower deposit spreads, partially 1 Actual numbers for all periods, not over/under 2 Includes deposits and deposits swept to on-balance sheet liabilities offset by higher trade loan and card product 3 Calculated based on average equity; 1Q10, 4Q09, and 1Q09 average equity was R E S U L T S $6.5B, $5.0B, and $5.0B respectively volumes F I N A N C I A L 9

Asset Management $ in millions Net income of $392mm up 75% YoY $ O/(U) Pretax margin of 31% 1Q10 4Q09 1Q09 Revenue of $2.1B up 25% YoY due to the effect of Revenue $2,131 ($64) $428 higher market levels, higher placement fees, net Private Bank 698 (25) 115 inflows to products with higher margins and higher Institutional 566 (18) 106 performance fees Retail 415 (30) 162 Private Wealth Management 343 12 31 Assets under management of $1.2T up 9% YoY due JPMorgan Securities 109 (3) 14 to the effect of higher market levels partially offset Credit Costs 35 (23) 2 by net outflows, principally in liquidity products Expense 1,442 (28) 144 Net Income $392 ($32) $168 Net AUM outflows of $40B for the quarter; Key Statistics ($B)1 outflows of $27B for the 12 months ended March Assets under Management $1,219 $1,249 $1,115 31, 2010 Assets under Supervision $1,707 $1,701 $1,464 Average Loans $36.6 $36.1 $34.6 Good global investment performance: EOP Loans $37.1 $37.8 $33.9 77% of mutual fund AUM ranked in the first or Average Deposits $80.7 $77.4 $81.7 second quartiles over past five years; 67% over Pretax Margin 31% 30% 22% past three years; 55% over one year ROE2 24% 24% 13% EOP Equity $6.5 $7.0 $7.0 Expense up 11% YoY due to higher performance-1 Actual numbers for all periods, not over/under based compensation and higher headcount-related 2 Calculated based on average equity; 1Q10, 4Q09 and 1Q09 average equity was R E S U L T S $6.5B, $7.0B and $7.0B, respectively expense3 3 See note 5 on page 18 F I N A N C I A L 10

Corporate/Private Equity Net Income ($ in millions) Private Equity $ O/(U) Private Equity gains of $136mm 1Q10 4Q09 1Q09 Private Equity portfolio of $7.3B (6.3% of Private Equity $55 ($86) $335 shareholders’ equity less goodwill) Corporate 173 (883) 155 Corporate Net Income $228 ($969) $490 Investment portfolio benefit of $1.0B in noninterest revenue due to trading and securities gains Benefit of higher investment portfolio net interest income Noninterest expense reflects an increase of $2.3B for litigation reserves, including those for mortgage-related matters R E S U L T S F I N A N C I A L 11

Capital Management $ in billions 1Q10 4Q09 1Q09 Tier 1 Capital1 $131 $133 $112 Tier 1 Common Capital1,2 $104 $105 $88 Risk-Weighted Assets1 $1,147 $1,198 $1,207 Total Assets $2,136 $2,032 $2,079 Tier 1 Capital Ratio1 11.5% 11.1% 9.3% Tier 1 Common Ratio1,2 9.1% 8.8% 7.3% Firm adopted new accounting consolidation guidance for variable interest entities on January 1, 2010, which decreased stockholder’s equity by $4.5B and decreased Tier 1 capital ratio by 34 bps Firmwide total credit reserves of $39.1B; loan loss coverage ratio of 5.64%3 R E S U L T S 1 Estimated for 1Q10 2 See note 3 on slide 18 3 See note 2 on slide 18 F I N A N C I A L Note: Tier 1 Capital for 1Q09 does not include the $25B of TARP preferred capital. Firm-wide Level 3 assets are expected to be 6% of total firm assets at March 31, 2010 12

Outlook Retail Financial Services Card Services NSF/OD policy changes currently estimated Chase losses of approximately 9.5% +/- in 2Q10 to reduce annualized after-tax income by with likely some improvement in 2H10 $500mm +/- WaMu losses will remain 20% +/- over the next several quarters Prior loss guidance Quarterly losses could reach: Anticipate net income reduction from legislative — $1.4B for Home Equity changes of $500-$750mm — $600mm for Prime Mortgage Expect improving net loss in 2Q10 vs. 1Q10 — $500mm for Subprime Mortgage excluding reserve actions: 2H10 dependent on If current trends continue losses may not the environment and reserve actions reach these levels Corporate/Private Equity Firmwide Corporate quarterly net income expected to Impact of UK bonus tax expected in 2Q10 decline to approximately $300mm, subject to the size and duration of the investment Potential effects of regulatory reform securities portfolio R E S U L T S F I N A N C I A L 13

F I N A N C I A L R E S U L T S Agenda Appendix 14 14 Page

Consumer credit—delinquency trends Excluding purchased credit-impaired loans Home Equity delinquency trend ($mm) Prime Mortgage delinquency trend ($mm) $4,000 30+ day delinquencies 30-150 day delinquencies $6,500 30+ day delinquencies 30-150 day delinquencies 150+ day delinquencies 150+ day delinquencies $5,200 $3,000 $3,900 $2,000 $2,600 $1,000 $1,300 $0 $0 Mar-08 Jun-08 Sep-08 Jan-09 Apr-09 Aug-09 Nov-09 Mar-10 Mar-08 Jun-08 Sep-08 Jan-09 Apr-09 Aug-09 Nov-09 Mar-10 Subprime Mortgage delinquency trend ($mm) Card Services delinquency trend1,2 — Excl. WaMu ($mm) $5,000 30+ day delinquencies 30-150 day delinquencies $8,500 30+ day delinquencies 30-89 day delinquencies 150+ day delinquencies $4,000 $7,500 $6,500 $3,000 $5,500 $2,000 $4,500 $1,000 $3,500 $0 $2,500 Mar-08 Jun-08 Sep-08 Jan-09 Apr-09 Aug-09 Nov-09 Mar-10 Mar-08 Jun-08 Sep-08 Jan-09 Apr-09 Aug-09 Nov-09 Mar-10 Note: Delinquencies prior to September 2008 are heritage Chase. Prime Mortgage excludes held-for-sale, Asset Management and Government Insured Loans 1 On a managed basis. See note 1 on slide 18 A P P E N D I X 2 “Payment holiday” in 2Q09 impacted 30+ day and 30-89 day delinquency trends in 3Q09 15

LLR increased due to accounting rule change, coverage ratio remains strong $ in millions Loan Loss Reserve/Total Loans1 Loan Loss Reserve Loan Loss Reserve/NPLs1 6.00% 500% Nonperforming Loans 5.00% 38,186 400% 30,633 31,602 4.00% 29,072 300% 27,381 3.00% 200% 23,164 19,052 2.00% 13,246 100% 11,746 14,785 17,767 17,564 17,050 8,953 11,401 4,401 5,273 6,933 1.00% 0% 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Peer comparison 38.2B of loan loss reserves in 1Q10, up $1Q10 4Q09 ~$26.4B from $11.7B two years ago; loan JPM1 JPM1 Peer Avg.2 loss coverage ratio of 5.64%1 Consumer LLR/Total Loans 7.05% 6.63% 5.06% $7.5B (pretax) addition in allowance for LLR/NPLs 272% 215% 135% loan losses related to the consolidation of Wholesale credit card receivables in 1Q103 LLR/Total Loans 2.83% 3.57% 3.27% LLR/NPLs 101% 109% 62% Strong coverage ratios compared to peers Firmwide LLR/Total Loans 5.64% 5.51% 4.44% LLR/NPLs 212% 174% 103% 1 See note 2 on slide 18 A P P E N D I X 2 Peer average reflects equivalent metrics for key competitors. Peers are defined as C, BAC and WFC 16 3 See note 1 on slide 18

IB League Tables League table results Ranked #1 in Global Fees for 1Q10, with 7.8% 1Q10 2009 market share Rank Share Rank Share Ranked #1 for 1Q10 in: Based on fees: Global Debt, Equity & Equity-related Global IB fees1 #1 7.8% #1 9.1% Global Equity & Equity-related Based on volumes: Global Loan Syndications Global Debt, Equity & Equity-related #1 7.4% #1 8.8% Ranked #5 for 1Q10 in Global M&A Announced and #3 in US M&A Announced US Debt, Equity & Equity-related #2 11.7% #1 14.8% Global Equity & Equity-related2 #1 8.5% #1 11.6% US Equity & Equity-related2 #1 20.0% #2 15.6% Global Long-term Debt3 #3 7.2% #1 8.4% US Long-term Debt3 #2 11.1% #1 14.1% Global M&A Announced4 #5 18.2% #3 24.5% US M&A Announced4,5 #3 29.3% #2 36.5% Global Loan Syndications #1 8.5% #1 8.2% US Loan Syndications #1 21.0% #1 21.8% Source: Dealogic 1 Global IB fees excludes money market, short term debt and shelf deals 2 Equity & Equity-related includes rights offerings and Chinese A-Shares 3 Long-term Debt tables include investment grade, high yield, ABS, MBS, covered bonds, supranational, sovereign and agency issuance; exclude money market, short term debt and U.S. municipal securities 4 Global announced M&A is based upon value at announcement; all other rankings are based upon 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 1Q10 and 2009 reflects the removal of any withdrawn transactions A P P E N D I X 5 US M&A represents any US involvement ranking 17 Note: Rankings for 3/31/2010 run as of 04/01/2010; 2009 represents Full Year

Notes on non-GAAP financial measures 1. In addition to analyzing the Firm’s results on a reported basis, management analyzes the Firm’s results and the results of the lines of business on a managed basis, which is a non-GAAP financial measure. For 2010 and 2009, the Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue and net interest income for the Firm (and each of the business segments) on a tax-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 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. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business. Effective January 1, 2010, the Firm adopted the new accounting guidance for consolidating VIEs and consolidated the assets and liabilities of its firm-sponsored credit card securitization trusts. The income, expense and credit costs associated with these securitization activities are now recorded in the 2010 Consolidated Statements of Income in the same classifications as for credit card loans that were not securitized. As a result of the consolidation of the securitization trusts, reported and managed basis are equivalent for periods beginning after January 1, 2010. Prior to January 1, 2010, the Firm’s managed basis presentation also included certain reclassification adjustments that assumed credit card loans securitized by Card Services remained on the Consolidated Balance Sheet. JPMorgan Chase used this concept of managed basis prior to January 1, 2010 to evaluate the credit performance and overall financial performance of the entire managed credit card portfolio as operations were funded and decisions were made about allocating resources, such as employees and capital, based on such managed financial information. In addition, the same underwriting standards and ongoing risk monitoring are used for both loans on the Consolidated Balance Sheet and securitized loans. Although securitizations result in the sale of credit card receivables to a trust, JPMorgan Chase retained the ongoing customer relationships, as the customers may continue to use their credit cards; accordingly, the customer’s credit performance affects both the securitized loans and the loans retained on the Consolidated Balance Sheet. JPMorgan Chase believed that this managed basis information was useful to investors, as it enabled them to understand both the credit risks associated with the loans reported on the Consolidated Balance Sheet and the Firm’s retained interests in securitized loans. 2. 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 loans; the allowance for loan losses related to purchased credit-impaired loans; and, loans from the Washington Mutual Master Trust, which were consolidated on the firm’s balance sheet at fair value during the second quarter of 2009. Additionally, Real Estate Portfolios net charge-off rates exclude the impact of purchased credit-impaired loans. The allowance related to the purchased credit-impaired portfolio was $2.8 billion and $1.6 billion at March 31, 2010 and December 31, 2009, respectively 3. 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 qualifying perpetual preferred stock, qualifying noncontrolling interest in subsidiaries and qualifying trust preferred capital debt secur ities. Tier 1 common capital, a non-GAAP financial measure, is used by banking regulators, investors and analysts to assess and compare the quality and composition of the Firm’s capital with the capital of other financial services companies. The Firm uses Tier 1 common capital along with the other capital measures to assess and monitor its capital position. 4. Tangible Common Equity (“TCE”) is calculated, for all purposes, as common stockholders equity (i.e., total stockholders’ equity less preferred stock) less identifiable intangible assets (other than MSRs) and goodwill, net of related deferred tax liabilities. Return on tangible common equity, a non-GAAP financial ratio, measures the Firm’s earnings as a percentage of TCE, and is in management’s view a meaningful measure to assess the Firm’s use of equity. The TCE measures used in this presentation are not necessarily comparable to similarly titled measures provided by other firms due to differences in calculation methodologies. A P P E N D I X 5. Headcount-related expense includes salary and benefits (excluding performance-based incentives), and other noncompensation costs related to employees. 18

Forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2009, which has been filed with the Securities and Exchange Commission and is available on JPMorgan Chase’s website (www.jpmorganchase.com) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements. A P P E N D I X 19