FINANCIAL RESULTS

1Q12

April 13, 2012

1Q12 Financial highlights

1Q12 net income of $5.4B; EPS of $1.31; revenue of $27.4B1 1Q12 results included the following significant items
$mm, excluding EPS
Pretax Corporate Expense for additional litigation reserves, predominantly for mortgage-related matters Investment Bank DVA losses Card Services Benefit from reduced credit card loan loss reserves Real Estate Portfolios Benefit from reduced loan loss reserves Corporate Washington Mutual bankruptcy settlement ($2,514) (907) 750 1,000 1,126 Net income
2

EPS2 ($0.39) (0.14) 0.12 0.16 0.17

($1,559) (562) 465 620 687

Fortress balance sheet strengthened Basel I Tier 1 common3 of $128B, ratio of 10.4% Estimated Basel III Tier 1 common3 of $128B, ratio of 8.4%

FINANCIAL RESULTS

1 See 2

note 1 on slide 20 Assumes a tax rate of 38%, except for Washington Mutual bankruptcy settlement taxed at 39% 3 See note 3 on slide 20

1Q12 Financial results1

$mm, excluding EPS

$ O/(U) 1Q12 Revenue (FTE)1 Credit costs Expense Reported net income Net income applicable to common stock Reported EPS ROE2 ROTCE2,3
1 2 3

4Q11 $5,219 (1,458) 3,805 $1,655 $1,592 $0.41 8% 11

1Q11 $1,626 (443) 2,350 ($172) ($119) $0.03 13% 18

$27,417 726 18,345 $5,383 $5,017 $1.31 12% 16

FINANCIAL RESULTS

See note 1 on slide 20 Actual numbers for all periods, not over/under See note 4 on slide 20

Investment Bank1
$mm
$ O/(U) Revenue Investment banking fees Fixed income markets Equity markets Credit portfolio Credit costs Expense Net income Key statistics ($B)2 EOP loans Allowance for loan losses Nonaccrual loans Net charge-off rate3 ALL/Loans
3

Net income of $1.7B on revenue of $7.3B DVA loss of $907mm

1Q11 ($912) (404) (574) (112) 178 $424 (278) ($688) 1Q12 $7,321 1,375 4,664 1,294 (12) ($5) 4,738 $1,682 4Q11 $2,963 256 2,173 515 19 ($277) 1,769 $956

ROE of 17%, 23% excl. DVA IB fees of $1.4B, down 23% YoY on lower

industry volumes
Continue to rank #1 in YTD Global IB fees Fixed income and Equity markets revenue of

$6.0B ($6.4B excl. DVA). Excluding DVA:

Fixed income revenue of $5.0B, down 2% YoY Equity revenue of $1.4B, down 4% YoY Solid client flows across products Credit portfolio revenue of $413mm excl. DVA Nonaccrual loans down 67% YoY Expense of $4.7B, down 6% YoY, driven by lower

$72.7 1.4 0.9 (0.21)% 2.06 65 40 17 $40

5

$71.1 1.4 1.2 1.26% 2.11 68 27 7 $40 75

$57.8 1.3 2.6 0.93% 2.52 61 40 24 $40 83

Overhead ratio Comp/revenue ROE EOP equity VaR ($mm)

1 See

compensation expense

81

FINANCIAL RESULTS

note 1 on slide 20 numbers for all periods, not over/under 3 Loans held-for-sale and loans at fair value were excluded when calculating the loan loss coverage ratio and net charge-off rate 4 Calculated based on average equity of $40B 5 Average trading and credit portfolio VaR at 95% confidence level
2 Actual

Retail Financial Services1

$mm
$ O/(U) 1Q12 Net interest income Noninterest revenue Revenue Expense Pre-provision profit Credit costs Net income ROE2,3 EOP equity ($B)2 Memo: RFS net income excl. Real Estate Portfolios ROE excl. Real Estate Portfolios
1 2 3 Calculated

Net income of $1.8B, compared with a

net loss of $399mm in the prior year

1Q11 ($161) 2,344 $2,183 109 $2,074 (1,295) $2,152 (6)% $25.0

4Q11 ($33) 1,287 $1,254 287 $967 (875) $1,220 8% $25.0

$3,925 3,724 $7,649 5,009 $2,640 (96) $1,753 27% $26.5

Revenue of $7.6B, up 40% YoY Credit cost benefit of $96mm reflected

lower net charge-offs and a $1.0B reduction in the allowance for loan losses
Expense of $5.0B, up 2% YoY

$1,235 34%

$691 15%

$1,472 (7)%

2,4

See note 1 on slide 20 Actual numbers for all periods, not over/under based on average equity; average equity for 1Q12, 4Q11 and 1Q11 was $26.5B, $25.0B and $25.0B, respectively 4 Calculated based on average equity; average equity for 1Q12, 4Q11 and 1Q11 was $14.8B, $14.5B and $14.5B, respectively

FINANCIAL RESULTS

Retail Financial Services

Consumer & Business Banking
$mm
$ O/(U) 1Q12 Net interest income Noninterest revenue Revenue Expense Pre-provision profit Credit costs Net income Key drivers ($B) Average total deposits Deposit margin Checking accounts (mm) # of branches Business Banking originations Business Banking loans (EOP) Investment sales Client investment assets (EOP) # of active mobile customers (mm)
1 Actual

Financial performance

Consumer & Business Banking net income of

1Q11 $16 (172) ($156) 67 ($223) (23) ($119)

4Q11 ($39) (18) ($57) 18 ($75) (36) ($28)

$774mm, down 13% YoY

Net revenue of $4.3B, down 4% YoY, driven by

$2,675 1,585 $4,260 2,866 $1,394 96 $774

lower debit card revenue reflecting the impact of the Durbin Amendment
Expense up 2% YoY due to investments in sales

force and new branch builds

$380.8 2.68% 27.0 5,541 $1.5 17.8 6.6 147.1 8.6 $367.9 2.76% 26.6 5,508 $1.4 17.7 4.7 137.9 8.4 $352.1 2.88% 26.6 5,292 $1.4 17.0 6.6 138.2 6.0

Credit costs of $96mm, down 19% YoY

Key drivers

Average total deposits of $380.8B, up 8% YoY

and 3% QoQ
Checking accounts up 2% YoY and QoQ Business Banking originations up 8% YoY and

numbers for all periods, not over/under

11% QoQ
Client investment assets up 6% YoY and 7%

QoQ
FINANCIAL RESULTS

Retail Financial Services

Mortgage Production and Servicing
$mm
1Q12 Production Production-related revenue excl. repurchase losses Production expense Income excl. repurchase losses Repurchase losses Income before income tax expense Servicing Servicing-related revenue MSR asset amoritization Servicing expense Income/(loss), excl. MSR risk management MSR risk management Income/(loss) before income tax expense/(benefit) Net income Key drivers1 ($B) Mortgage loan originations Retail channel originations Mortgage application volume 3rd party mtg loans svc'd (EOP) Headcount
1 Actual 2

Financial performance
$ O/(U) 4Q11 $550 55 $495 88 $583 $29 55 226 ($142) 568 $426 $719

Mortgage Production and Servicing net income of

1Q11 $722 149 $573 118 $691 ($57) 212 (175) $330 1,427 $1,757 $1,591

$1,619 573 $1,046 (302) $744 $1,151 (351) 1,151 ($351) 191 ($160) $461

$461mm, compared with a net loss of $1.1B in the prior year

Record production pretax income of $744mm, up

$691mm YoY, reflecting wider margins and higher volumes Repurchase losses of $302mm, down 28% YoY
Net servicing-related revenue, after MSR asset

amortization, of $800mm, up 24% YoY

Servicing expense down $175mm YoY; prior year

included approximately $450mm of incremental expense for foreclosure-related matters

MSR risk management income of $191mm,

$38.4 23.4 59.9 884.2 50,106

$38.6 23.1 52.6 902.2 49,189

$36.2 21.0 45.2 955.0 40,396

compared with a $1.2B loss in prior year

Key drivers Mortgage originations of $38.4B, up 6% YoY and

numbers for all periods, not over/under Headcount for total Mortgage Banking

FINANCIAL RESULTS

relatively flat QoQ Retail channel originations (branch and direct to consumer) up 11% YoY and relatively flat QoQ

Retail Financial Services

Real Estate Portfolios
$mm
$ O/(U) 1Q12 Revenue Expense Pre-provision profit Net charge-offs Change in allowance Credit costs Net income Key statistics1 ($B) Average home equity loans owned2 Average mortgage loans owned2 EOP NCI owned portfolio ALL/ EOP loans Nonaccrual loans ($mm) Net charge-offs ($mm) Home equity Prime mortgage, including option ARMs Subprime mortgage and other Net charge-off rate Home equity
3 3

Real Estate Portfolios net income of

4Q11 $21 (13) $34 (68) (770) (838) $529

1Q11 ($83) 64 ($147) (268) (1,000) (1,268) $680

$518mm, compared with a net loss of $162mm in the prior year

Total net revenue of $1.1B, down 7% YoY

$1,081 419 $662 808 (1,000) (192) $518

driven by a decline in net interest income, resulting from portfolio runoff

Credit cost benefit of $192mm Delinquency trends continued to

improve in 1Q12
$99.1 95.5 128.3 6.01% $7,018 808 542 131 135 2.49% 2.85 1.21 5.33
4

$102.0 98.2 132.5 6.58% $5,933 876 579 151 146 2.58% 2.90 1.33 5.46

$111.1 107.7 145.4 6.68% $7,042 1,076 720 161 195 2.95% 3.36 1.32 6.64

Net charge-offs improved compared to

4Q11, but remain at elevated levels

Reduction in allowance for loan losses

of $1B
Expect total quarterly net charge-offs below

$900mm
Reporting change Nonaccrual loans now

Prime mortgage, including option ARMs Subprime mortgage and other

FINANCIAL RESULTS
1 Actual 2

includes $1.6B of high risk seconds; $1.4B are current

numbers for all periods, not over/under Includes purchased credit-impaired loans acquired as part of the WaMu transaction the impact of purchased credit-impaired loans acquired as part of the WaMu transaction. An allowance for loan losses of $5.7B, $5.7B and $4.9B was recorded for these loans at March 31, 2012, December 31, 2011 and March 31, 2011, respectively. To date, no charge-offs have been recorded for these loans 4 Includes $1.6B of performing junior liens that are subordinate to nonaccrual senior liens; such junior liens are now being reported as nonaccrual loans based upon regulatory guidance issued in the first quarter of 2012. Of the total, $1.4B were current at March 31, 2012
3 Excludes

Card Services & Auto1

$mm
$ O/(U) 1Q12 Revenue Credit costs Expense Net income ROE2,3 EOP Equity ($B)
3

Card Services & Auto

Net income of $1.2B, down 23% YoY
1Q11 ($77) 385 112 ($351) 39% $16.0

4Q11 ($100) (322) 4 $132 26% $16.0

Revenue of $4.7B, down 2% YoY and QoQ Credit costs of $738mm Reduction of $750mm to the allowance for loan losses

$4,714 738 2,029 $1,183 29% $16.5

compared with a $2.0B reduction in the prior year

Net charge-offs are down 37% YoY and 5% QoQ Expense of $2.0B, up 6% YoY, primarily related to a non-core

Card Services Key drivers3 ($B) Avg outstandings Sales volume4 New accts opened (mm) Net revenue rate Net charge-off rate5 30+ Day delinquency rate5 Merchant Services Key drivers3 (B) Bank card volume # of total transactions Auto Key drivers3 ($B) Avg outstandings Auto Avg outstandings Student Auto originations
1 See 2

product that is being exited

$127.6 86.9 $128.6 93.4 2.2 12.26% 4.29 2.81 $152.6 6.8 $132.5 77.5 2.6 12.18% 6.81 3.55 $125.7 5.6

Key drivers Card Services

Average outstandings of $127.6B, down 4% YoY and 1%

1.7 12.22% 4.37 2.55 $152.8 6.8

QoQ
Sales volume4 of $86.9B, up 12% YoY (up 15% YoY excl.

the impact of the Kohls portfolio sale), and down 7% QoQ

Net charge-off rate5 of 4.37%, down from 6.81% in 1Q11

and up from 4.29% in 4Q11

$47.7 13.3 5.8 $46.9 13.5 4.9 $47.7 14.4 4.8

Auto
Average auto outstandings flat YoY and up 2% QoQ Auto originations up 21% YoY and 18% QoQ

FINANCIAL RESULTS

note 1 on slide 20 Calculated based on average equity; 1Q12, 4Q11 and 1Q11 average equity was $16.5B, $16.0B and $16.0B, respectively 3 Actual numbers for all periods, not over/under 4 Excludes Commercial Card 5 See note 5 on slide 20

Commercial Banking1
$mm
$ O/(U) 4Q11 ($30) 15 11 (6) (10) (40) $37 19 ($52) $30 35 $45

Net income of $591mm, up 8% YoY Revenue of $1.7B, up 9% YoY

1Q11 $141 70 47 7 17 1Q12

EOP loan balances up 16% YoY and 3% QoQ;

Revenue Middle Market Banking Corporate Client Banking Commercial Term Lending Real Estate Banking Other Credit costs Expense Net income Key statistics ($B)2 Average loans and leases EOP loans and leases Average liability balances Nonaccrual loans Net charge-off rate ALL/loans Overhead ratio
FINANCIAL RESULTS
4 4 3

$1,657 825 337 293 105 97 $77 598 $591

Middle Market loans up 19% YoY

7th consecutive quarter of increased loan

balances; 8th for Middle Market

Average liability balances of $200.2B, up 28% YoY Credit costs of $77mm; net charge-off rate of

0.04%
Nonaccrual loans down 49% YoY Expense up 6% YoY; overhead ratio of 36%

$113.8 115.8 200.2 2.7 1.0 0.04% 2.32 36 25 $9.5

$109.9 112.0 199.1 2.6 1.1 0.36% 2.34 34 32 $8.0

$99.6 100.2 156.2 2.6 2.0 0.13% 2.59 37 28 $8.0

Allowance for loan losses

ROE EOP equity

1 See 2 Actual

note 1 on slide 20 numbers for all periods, not over/under 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; average equity of $9.5B, $8.0B and $8.0B for 1Q12, 4Q11 and 1Q11, respectively
3 Includes

Treasury & Securities Services1

$mm
$ O/(U) 4Q11 ($8) 1 (9) ($90) 63 $101

Net income of $351mm, up 11% YoY and 40%

1Q12 1Q11 $174 161 13 $96 (24) $35

Revenue Treasury Services Worldwide Securities Services Expense Credit allocation income/(expense) Net income Key statistics3 Average liability balances ($B)4 Assets under custody ($T) EOP trade finance loans ($B) Pretax margin ROE EOP equity ($B) TSS firmwide revenue TS firmwide revenue TSS firmwide average liab bal ($B)
1 See

$2,014 1,052 962 $1,473

2

QoQ Revenue of $2.0B, up 9% YoY and relatively flat QoQ TS revenue of $1,052mm, up 18% YoY
WSS revenue of $962mm, up 1% YoY Liability balances up 34% YoY Record assets under custody of $17.9T, up 8% YoY Expense up 7% YoY, primarily driven by continued

3 $351

$357.0 17.9 35.7 27% 19 $7.5 2,685 1,723

4

$364.2 16.9 36.7 19% 14 $7.0 2,691 1,720 563.3

$265.7 16.6 25.5 26% 18 $7.0 2,445 1,496 421.9

expansion into new markets, and down 6% QoQ

557.1

note 1, 7 and 8 on slide 20 2 IB and TSS share the economics related to the Firms GCB clients. Included within this allocation are net revenue, provision for credit losses as well as expense 3 Actual numbers for all periods, not over/under 4 Includes deposits and deposits swept to on-balance sheet liabilities 5 Calculated based on average equity; 1Q12, 4Q11, and 1Q11 average equity was $7.5B, $7.0B, and $7.0B, respectively FINANCIAL RESULTS

10

Asset Management1
$mm
1Q12 Revenue Private Banking Institutional Retail Credit costs Expense Net income Key statistics ($B) Assets under management Assets under supervision Average loans EOP loans Average deposits Pretax margin3 ROE4 EOP equity
1 See 2 Actual

Net income of $386mm, down 17% YoY

$ O/(U) 4Q11 $86 67 (1) 20 ($5) (23) $84 1Q11 ($36) (38) 14 (12) $14 69 ($80)

Revenue of $2.4B, down 1% YoY Record assets under management of $1.4T, up

$2,370 1,279 557 534 $19 1,729 $386

2

4% YoY
QoQ, AUM net outflows of $8B due to outflows

of $25B from liquidity products, largely offset by inflows of $17B to long-term products
Record assets under supervision of $2.0T, up

$1,382 2,013 59.3 64.3 127.5 26% 22 $7.0

$1,336 1,921 54.7 57.6 121.5 22% 18 $6.5

$1,330 1,908 44.9 46.5 95.3 31% 29 $6.5

6% YoY
Good investment performance 76% of mutual fund AUM ranked in the 1st or

2nd quartiles over 5 years

Expense up 4% YoY, due to increased

FINANCIAL RESULTS

note 1 on slide 20 numbers for all periods, not over/under 3 See note 8 on slide 20 4 Calculated based on average equity; average equity of $7.0B, $6.5B and $6.5B for 1Q12, 4Q11 and 1Q11 respectively 5 See note 9 on slide 20

headcount-related5 expense

11

Corporate/Private Equity1
Net Income ($mm)

Private Equity
$ O/(U) 1Q12 4Q11 $223 (1,009) ($786) 1Q11 ($249) (1,036) ($1,285)
Private Equity net revenue of $254mm Private Equity portfolio of $8.0B (5.6% of

Private equity Corporate Net income

$134 (697) ($563)

stockholders equity less goodwill) Corporate

Noninterest revenue includes $1.1B (pretax)

from the Washington Mutual bankruptcy settlement

Noninterest expense includes an increase of

$2.5B (pretax) for additional litigation reserves, predominantly for mortgage-related matters
Absent materially adverse developments

that could change our views, we do not anticipate further material additions to these reserves over the course of this year
FINANCIAL RESULTS

Excluding these items, Corporate net income

was $175mm2

1 See

2 Corporate

note 1 on slide 20 net loss of $697mm adjusted for expense for additional litigation reserves of ($1,559)mm (after-tax) and Washington Mutual bankruptcy settlement of $687mm (after-tax)

12

Fortress balance sheet

$B

1Q12 Basel I Tier 1 common capital1,2 Basel III Tier 1 common capital1,2,3 Basel I Risk-weighted assets 1 Basel III Risk-weighted assets1,2,3 Total assets Basel I Tier 1 common ratio1,2 Basel III Tier 1 common ratio1,2,3
Global liquidity reserve of $432B5 Increased the quarterly dividend to $0.30, up from $0.25 Authorized a new $15B equity repurchase program

4Q11 $123 122 1,221 1,546 2,266 10.1% 7.9

1Q11 $120 116 1,193 1,594 2,198 10.0% 7.3

$128 128 1,236 1,532 2,320 10.4% 8.4

Firmwide total credit reserves of $26.6B; loan loss coverage ratio of 3.11%4

Up to $12B approved for 2012 and up to an additional $3B approved through the end of

1Q13
FINANCIAL RESULTS

Expect to redeem ~$10B of TruPS as they become callable, pursuant to CCAR

1

Estimated for 1Q12 note 3 on slide 20, and the Basel I Tier 1 capital and Tier 1 capital ratio on page 43 of the Firms first quarter 2012 earnings release financial supplement 3 Represents the Firms best estimate, based on its current understanding of proposed rules 4 See note 2 on slide 20 5 The Global Liquidity Reserve represents cash on deposit at central banks, and the cash proceeds expected to be received in connection with secured financing of highly liquid, unencumbered securities (such as sovereigns, FDIC and government guaranteed, agency and agency MBS). In addition, the Global Liquidity Reserve includes the Firms borrowing capacity at the Federal Reserve Bank discount window and various other central banks and from various Federal Home Loan Banks, which capacity is maintained by the Firm having pledged collateral to all such banks. These amounts represent preliminary estimates which may be revised in the Firms 10-Q for the quarter ending March 31, 2012 Note: Firmwide level 3 assets, reported at fair value, are estimated to be 5% of total Firm assets as of March 31, 2012
2 See

13

Outlook
Retail Financial Services Consumer & Business Banking 2012 outlook Spread compression, given low interest rates, will Corporate / Private Equity In 2012, Corporate quarterly net income, excluding

negatively impact net income by $400mm+/ Durbin Amendment will reduce net income by

Private Equity, and excluding significant nonrecurring items and litigation expense, could be $200mm+/ Will depend on decisions related to repositioning

$600mm+/- on an annualized basis

Mortgage Banking Estimate realized repurchase losses of $350mm+/-

of the investment securities portfolio

per quarter
Expect total quarterly net charge-offs below

$900mm
Real Estate Portfolios Expect balances to further

decline 10-15% in 2012, reducing annual net interest income by $500mm+/Card Services Credit Card credit losses for 2Q12 of 4.25% +/-

FINANCIAL RESULTS

14

Agenda
Page Appendix 15

FINANCIAL RESULTS

15

Consumer credit Delinquency trends

(Excl. purchased credit-impaired loans and WaMu and Commercial Card portfolios)
Home equity delinquency trend ($mm)
$3,500 $3,000 $2,500 $2,000

Prime mortgage delinquency trend ($mm)

30 150 day delinquencies 150+ day delinquencies
$4,000

30 150 day delinquencies 150+ day delinquencies

$3,000

$2,000
$1,500 $1,000 $500 $0 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Dec-10 May-11 Oct-11 Mar-12

$1,000

$0 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10

Jul-10 Dec-10 May-11 Oct-11 Mar-12

Subprime mortgage delinquency trend ($mm)

$3,000 $2,500 $2,000 $1,500 $1,000 $500 $0
Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Dec-10 May-11 Oct-11 Mar-12
APPENDIX Note: Delinquencies prior to September 2008 are heritage Chase Prime Mortgage excludes loans held-for-sale, Asset Management and U.S. Government-Insured loans 1 See note 5 on slide 20 2 Payment holiday in 2Q09 impacted 30+ day and 30-89 day delinquency trends in 3Q09

Credit card delinquency trend1,2 ($mm)

30+ day delinquencies $8,200 $6,800 $5,400 $4,000 $2,600 $1,200 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Dec-10 May-11 Oct-11 Mar-12 30-89 day delinquencies

30 150 day delinquencies 150+ day delinquencies

16

Coverage ratios are strong

$mm
Loan loss reserve/Total loans1 Loan loss reserve Nonperforming loans Loan loss reserve/NPLs1

6.00%
38,186

500%

5.00%
35,836 34,161 32,266 29,750

400%

4.00%

300%

3.00%
17,050 16,179

28,520 28,350 15,503 14,841 13,441 11,928 27,609 25,871

200%

2.00%

100%
11,005 9,993 10,605

1.00% 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

1Q12

0%

Peer comparison
1Q12 JPM Consumer LLR/Total loans LLR/NPLs
2 1

$25.9B of loan loss reserves in 1Q12, down

4Q11 JPM
1

Peer avg.

~$3.9B from $29.8B one year ago reflecting improved portfolio credit quality; loan loss coverage ratio of 3.11%1

4.34% 187 1.52% 223 3.11% 194

4.69% 237 1.55% 180 3.35% 223

4.50% 186 1.46% 75 3.39% 153

Wholesale LLR/Total loans LLR/NPLs Firmwide LLR/Total loans LLR/NPLs

1 See

note 2 on slide 20 2 NPLs include $1.6B of performing junior liens that are subordinate to nonaccrual senior liens; such junior liens are now being reported as nonaccrual loans based upon regulatory guidance issued in the first quarter of 2012. Of the total, $1.4B were current at March 31,2012 3 Peer average reflects equivalent metrics for key competitors. Peers are defined as C, BAC and WFC

APPENDIX

17

Core net interest margin1

Net interest income trend
Core NII 3.91% 3.85% 3.66% 3.66% 3.51% 3.54% 3.33% 3.14% 3.19% 3.10% Market-based NII
2

Core NIM

Market-based NIM

JPM NIM

3.42%

3.32% 3.06% 3.01% 2.88% 2.89% 2.72% 2.66% 2.70% 2.61%

1.92%

1.77% 1.47% 1.42% 1.42% 1.43% 1.35% 1.45% 1.42% 1.29%

FY2009

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

Comments
Both Firmwide and Core NIM (9 bps lower) QoQ due to: Debt-related gain in 4Q11 Changes in loan mix Excess cash deposits with limited deployment

Core net interest income walk 1Q12 ($B)

Avg. earning assets Firm reported IB reported Less IB loans IB market-based activities Core $1,822 560 69 $491 $1,331 NII $12 2 0 $2 $10 Yield 2.6% 1.4 1.9 1.3 3.1%

opportunities
Continued positioning impact on NIM

APPENDIX

1 See 2

note 6 on slide 20 NII from IBs market-based activities reflects total IB net interest income less net interest income earned on IB loans 3 The core and market-based NII presented for 2009 represent the quarterly average for 2009 (total for 2009 divided by 4); the yield for all periods represent the annualized yield

18

IB league tables
League table results
1Q12 FY11 Rank Share Rank Share Based on fees Global IB fees 1 Based on volumes Global Debt, Equity & Equity-related US Debt, Equity & Equity-related
' Global Long-term Debt 2

For 1Q12, JPM ranked: #1 in Global IB fees #1 in Global Debt, Equity & Equity-related #1 in Global Long-term Debt #1 in Global M&A Announced
1 1 1 1 3 3 1 1 2 2 7.2 11.7 7.1 11.4 8.6 11.3 22.3 21.7 9.0 16.0 1 1 1 1 3 1 2 2 1 1 6.7 11.1 6.7 11.2 6.8 12.5 18.5 27.1 10.9 21.2

7.9%

8.0%

#2 in Global Loan Syndications #3 in Global Equity & Equity-related

US Long-term Debt Global Equity & Equity-related 3 US Equity & Equity-related Global M&A Announced 4 US M&A Announced Global Loan Syndications US Loan Syndications

Source: Dealogic. Global Investment Banking fees reflects ranking of fees and market share. Remainder of rankings reflects transaction volume rank and market share. Global announced M&A is based on transaction value at announcement; because of joint M&A assignments, M&A market share of all participants will add up to more than 100%. All other transaction volume-based rankings are based on proceeds, with full credit to each book manager/equal if joint 1 Global Investment Banking fees rankings exclude money market, short-term debt and shelf deals 2Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities and mortgage-backed securities; and exclude money market, short-term debt, and U.S. municipal securities 3 Global Equity and equity-related ranking includes rights offerings and Chinese A-Shares 4 Announced M&A reflects the removal of any withdrawn transactions. U.S. announced M&A represents any U.S. involvement ranking

APPENDIX

19

Notes on non-GAAP & other financial measures

Notes on non-GAAP financial measures
1. In addition to analyzing the Firms results on a reported basis, management reviews the Firms results and the results of the lines of business on a managed basis, which is a non-GAAP financial measure. The Firms definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the business segments) on a fully taxable-equivalent (FTE) basis. Accordingly, revenue from tax-exempt securities and investments that receive tax credits is presented in the managed results on a basis comparable to taxable securities and investments. This non-GAAP financial measure allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business. The ratio of the allowance for loan losses to end-of-period loans excludes the following: loans accounted for at fair value and loans held-for-sale; purchased credit-impaired (PCI) loans; and the allowance for loan losses related to PCI loans. Additionally, Real Estate Portfolios net charge-off rates exclude the impact of PCI loans. The allowance for loan losses related to the purchased credit-impaired portfolio totaled $5.7 billion, $5.7 billion and $4.9 billion at March 31, 2012, December 31, 2011, and March 31, 2011, respectively. The Basel I Tier 1 common ratio is Tier 1 common divided by risk-weighted assets. Tier 1 common is defined as Tier 1 capital less elements of Tier 1 capital not in the form of common equity, such as perpetual preferred stock, noncontrolling interests in subsidiaries, and trust preferred capital debt securities. Tier 1 common, a non-GAAP financial measure, is used by banking regulators, investors and analysts to assess and compare the quality and composition of the Firms 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. On December 16, 2010, the Basel Committee issued the final version of the Basel Capital Accord, commonly referred to as Basel III. The Firms estimate of its Tier 1 common ratio under Basel III is a non-GAAP financial measure and reflects the Firms current understanding of the Basel III rules and the application of such rules to its businesses as currently conducted, and therefore excludes the impact of any changes the Firm may make in the future to its businesses as a result of implementing the Basel III rules. The Firms estimates of its Basel III Tier 1 common ratio will evolve over time as the Firms businesses change, and as a result of further rule-making on Basel III implementation from U.S. federal banking agencies. Management considers this estimate as a key measure to assess the Firms capital position in conjunction with its capital ratios under Basel I requirements, in order to enable management, investors and analysts to compare the Firms capital under the Basel III capital standards with similar estimates provided by other financial services companies. The Firms understanding of the Basel III rules is based on information currently published by the Basel Committee and U.S. federal banking agencies. 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 Firms earnings as a percentage of TCE. In managements view, these measures are meaningful to the Firm, as well as analysts and investors, in assessing the Firms use of equity, and in facilitating comparisons with competitors In Card Services & Auto, supplemental information is provided for Card Services, to provide more meaningful measures that ensure comparability with prior periods. The net charge-off rate and 30+ day delinquency rate presented include loans held-for-sale. In addition to reviewing JPMorgan Chase's net interest income on a managed basis, management also reviews core net interest income to assess the performance of its core lending, investing (including asset /liability management), and deposit-raising activities, excluding the impact of IB's market-based activities. The chart presents an analysis of managed core net interest income and core net interest margin. These are non-GAAP financial measures due to the exclusion of IB's market-based net interest income and the related assets. Management believes the exclusion of IB's market-based activities provides investors and analysts a more meaningful measure to analyze non-market related business trends of the Firm and can be used as a comparable measure to other financial institutions primarily focused on core lending, investing and deposit-raising activities.

2.

3.

4.

5. 6.

Additional notes on financial measures

7. 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 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 managements view, in order to understand the aggregate TSS business. Pretax margin represents income before income tax expense divided by total net revenue, which is, in managements 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. Headcount-related expense includes salary and benefits (excluding performance-based incentives), and other noncompensation costs related to employees.

8.

9.

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

APPENDIX

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