EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2013

JPMORGAN CHASE & CO.
TABLE OF CONTENTS
		Page(s)
Consolidated Results
Consolidated Financial Highlights		2-3
Consolidated Statements of Income		4
Consolidated Balance Sheets		5
Condensed Average Balance Sheets and Annualized Yields		6
Core Net Interest Income		7
Reconciliation from Reported to Managed Summary		8
Business Detail
Line of Business Financial Highlights - Managed Basis		9
Consumer & Community Banking		10-11
Consumer & Business Banking		12
Mortgage Banking		13-16
Card, Merchant Services & Auto		17-18
Corporate & Investment Bank		19-22
Commercial Banking		23-24
Asset Management		25-29
Corporate/Private Equity		30-31
Credit-Related Information		32-37
Market Risk-Related Information		38
Supplemental Detail
Capital and Other Selected Balance Sheet Items		39
Mortgage Repurchase Liability		40
Per Share-Related Information		41
Non-GAAP Financial Measures		42
Glossary of Terms		43-47

Page 1

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q13 Change												2013 Change
SELECTED INCOME STATEMENT DATA	3Q13				2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
Reported Basis
Total net revenue	$	23,117			$	25,211		$	25,122		$	23,653		$	25,146		(8	)	%	(8	)	%	$	73,450		$	73,378		-		%
Total noninterest expense	23,626				15,866			15,423			16,047			15,371			49			54			54,915			48,682			13
Pre-provision profit/(loss)	(509		)		9,345			9,699			7,606			9,775			NM			NM			18,535			24,696			(25	)
Provision for credit losses	(543		)		47			617			656			1,789			NM			NM			121			2,729			(96	)
NET INCOME/(LOSS)	(380		)		6,496			6,529			5,692			5,708			NM			NM			12,645			15,592			(19	)
Managed Basis (a)
Total net revenue	23,880				25,958			25,848			24,378			25,863			(8	)		(8	)		75,686			75,512			-
Total noninterest expense	23,626				15,866			15,423			16,047			15,371			49			54			54,915			48,682			13
Pre-provision profit	254				10,092			10,425			8,331			10,492			(97	)		(98	)		20,771			26,830			(23	)
Provision for credit losses	(543		)		47			617			656			1,789			NM			NM			121			2,729			(96	)
NET INCOME/(LOSS)	(380		)		6,496			6,529			5,692			5,708			NM			NM			12,645			15,592			(19	)
PER COMMON SHARE DATA
Net income/(loss): Basic	(0.17		)		1.61			1.61			1.40			1.41			NM			NM			3.08			3.82			(19	)
Diluted	(0.17		)		1.60			1.59			1.39			1.40			NM			NM			3.05			3.81			(20	)
Cash dividends declared	0.38				0.38		(h)	0.30			0.30			0.30			-			27			1.06		(h)	0.90			18
Book value	52.01				52.48			52.02			51.27			50.17			(1	)		4			52.01			50.17			4
Tangible book value (b)	39.51				39.97			39.54			38.75			37.53			(1	)		5			39.51			37.53			5
COMMON SHARES OUTSTANDING
Average: Basic	3,767.0				3,782.4			3,818.2			3,806.7			3,803.3			-			(1	)		3,789.2			3,810.4			(1	)
Diluted	3,767.0				3,814.3			3,847.0			3,820.9			3,813.9			(1	)		(1	)		3,820.9			3,822.6			-
Common shares at period-end	3,759.2				3,769.0			3,789.8			3,804.0			3,799.6			-			(1	)		3,759.2			3,799.6			(1	)
Closing share price (c)	$	51.69			$	52.79		$	47.46		$	43.97		$	40.48		(2	)		28			$	51.69		$	40.48		28
Market capitalization	194,312				198,966			179,863			167,260			153,806			(2	)		26			194,312			153,806			26
FINANCIAL RATIOS (d)
Return on common equity ("ROE")	(1		)	%	13		%	13		%	11		%	12		%							8		%	11		%
Return on tangible common equity ("ROTCE") (b)	(2		)		17			17			15			16									11			15
Return on assets	(0.06		)		1.09			1.14			0.98			1.01									0.71			0.92
Return on risk-weighted assets (e)(f)	(0.11		)	(i)	1.85			1.88			1.76			1.74									1.20		(i)	1.61
CAPITAL RATIOS (f)
Tier 1 capital ratio	11.7			(i)	11.6			11.6			12.6			11.9									11.7		(i)	11.9
Total capital ratio	14.3			(i)	14.1			14.1			15.3			14.7									14.3		(i)	14.7
Tier 1 common capital ratio (g)	10.5			(i)	10.4			10.2			11.0			10.4									10.5		(i)	10.4

(a) For a further discussion of managed basis, see Reconciliation from Reported to Managed Summary on page 8.

(b) Tangible book value per share and ROTCE are non-GAAP financial measures. Tangible book value per share represents the Firm's tangible common equity divided by period-end common shares. ROTCE measures the Firm's annualized earnings as a percentage of tangible common equity. For further discussion of these measures, see page 42.

(c) Share price shown for JPMorgan Chase's common stock is 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) Ratios are based upon annualized amounts.

(e) Return on Basel I risk-weighted assets is the annualized earnings of the Firm divided by its average risk-weighted assets.

(f) Basel 2.5 rules became effective for the Firm on January 1, 2013. The implementation of these rules in the first quarter of 2013 resulted in an increase of approximately $150 billion in risk-weighted assets compared with the Basel I rules. The implementation of these rules also resulted in decreases of the Firm’s Tier 1 capital, Total capital and Tier 1 common capital ratios by 140 basis points, 160 basis points and 120 basis points, respectively, at March 31, 2013. For further discussion of Basel 2.5, see Regulatory capital on pages 60-63 of JPMorgan Chase's 2Q13 Form 10-Q.

(g) Basel I Tier 1 common capital ratio (“Tier 1 common ratio”) is Tier 1 common capital (“Tier 1 common”) divided by risk-weighted assets. The Firm uses Tier 1 common capital along with the other capital measures to assess and monitor its capital position. For further discussion of the Tier 1 common capital ratio, see page 42.

(h) On May 21, 2013, the Board of Directors of JPMorgan Chase increased the Firm's quarterly common stock dividend from $0.30 to $0.38 per share.

(i) Estimated.

Page 2

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																							NINE MONTHS ENDED SEPTEMBER 30,
																		3Q13 Change														2013 Change
	3Q13				2Q13				1Q13			4Q12			3Q12			2Q13			3Q12			2013				2012				2012
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,463,309			$	2,439,494			$	2,389,349		$	2,359,141		$	2,321,284		1		%	6		%	$	2,463,309			$	2,321,284			6		%
Loans:
Consumer, excluding credit card loans	288,350				288,096				290,082			292,620			295,079			-			(2	)		288,350				295,079				(2	)
Credit card loans	123,982				124,288				121,865			127,993			124,537			-			-			123,982				124,537				-
Wholesale loans	316,347				313,202				316,939			313,183			302,331			1			5			316,347				302,331				5
Total Loans	728,679				725,586				728,886			733,796			721,947			-			1			728,679				721,947				1
Deposits	1,281,102				1,202,950				1,202,507			1,193,593			1,139,611			6			12			1,281,102				1,139,611				12
Common stockholders' equity	195,512				197,781				197,128			195,011			190,635			(1	)		3			195,512				190,635				3
Total stockholders' equity	206,670				209,239				207,086			204,069			199,693			(1	)		3			206,670				199,693				3
Loans-to-deposits ratio	57			%	60			%	61		%	61		%	63		%							57			%	63			%
Headcount (a)	255,041				254,063				255,898			258,753			259,144			-			(2	)		255,041				259,144				(2	)
LINE OF BUSINESS NET INCOME/(LOSS) (b)
Consumer & Community Banking	$	2,702			$	3,089			$	2,586		$	1,989		$	2,355		(13	)		15			$	8,377			$	8,562			(2	)
Corporate & Investment Bank	2,240				2,838				2,610			2,005			1,992			(21	)		12			7,688				6,401				20
Commercial Banking	665				621				596			692			690			7			(4	)		1,882				1,954				(4	)
Asset Management	476				500				487			483			443			(5	)		7			1,463				1,220				20
Corporate/Private Equity	(6,463		)		(552		)		250			523			228			NM			NM			(6,765		)		(2,545		)		(166	)
NET INCOME/(LOSS)	$	(380	)		$	6,496			$	6,529		$	5,692		$	5,708		NM			NM			$	12,645			$	15,592			(19	)

(a) Effective January 1, 2013, interns are excluded from the firmwide and business segment headcount metrics reported on this page and throughout this Financial Supplement. Prior periods were revised to conform with this presentation.

(b) In the second quarter of 2013, the 2012 net income/(loss) data of Consumer & Community Banking ("CCB") and Corporate/Private Equity were revised to reflect the transfer of certain technology and operations, as well as real estate-related functions and staff, from Corporate/Private Equity to CCB, effective January 1, 2013. For further information on this transfer, see CCB on page 10, Consumer & Business Banking on page 12 and Corporate/Private Equity on page 30.

Page 3

JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q13 Change												2013 Change
REVENUE	3Q13				2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
Investment banking fees	$	1,507			$	1,717		$	1,445		$	1,727		$	1,443		(12	)	%	4		%	$	4,669		$	4,081		14		%
Principal transactions	2,662				3,760			3,761			1,194			2,047			(29	)		30			10,183			4,342			135
Lending- and deposit-related fees	1,519				1,489			1,468			1,571			1,562			2			(3	)		4,476			4,625			(3	)
Asset management, administration and commissions	3,667				3,865			3,599			3,679			3,336			(5	)		10			11,131			10,189			9
Securities gains	26				124			509			102			458			(79	)		(94	)		659			2,008			(67	)
Mortgage fees and related income	841				1,823			1,452			2,035			2,377			(54	)		(65	)		4,116			6,652			(38	)
Card income	1,518				1,503			1,419			1,502			1,428			1			6			4,440			4,156			7
Other income	602				226			536			721			1,519			166			(60	)		1,364			3,537			(61	)
Noninterest revenue	12,342				14,507			14,189			12,531			14,170			(15	)		(13	)		41,038			39,590			4
Interest income	13,162				13,145			13,427			13,634			13,629			-			(3	)		39,734			42,429			(6	)
Interest expense	2,387				2,441			2,494			2,512			2,653			(2	)		(10	)		7,322			8,641			(15	)
Net interest income	10,775				10,704			10,933			11,122			10,976			1			(2	)		32,412			33,788			(4	)
TOTAL NET REVENUE	23,117				25,211			25,122			23,653			25,146			(8	)		(8	)		73,450			73,378			-
Provision for credit losses	(543		)		47			617			656			1,789			NM			NM			121			2,729			(96	)
NONINTEREST EXPENSE
Compensation expense	7,325				8,019			8,414			7,042			7,503			(9	)		(2	)		23,758			23,543			1
Occupancy expense	947				904			901			911			973			5			(3	)		2,752			3,014			(9	)
Technology, communications and equipment expense	1,356				1,361			1,332			1,359			1,312			-			3			4,049			3,865			5
Professional and outside services	1,897				1,901			1,734			2,018			1,759			-			8			5,532			5,411			2
Marketing	588				578			589			648			607			2			(3	)		1,755			1,929			(9	)
Other expense (a)	11,373				2,951			2,301			3,678			3,035			285			275			16,625			10,354			61
Amortization of intangibles	140				152			152			391			182			(8	)		(23	)		444			566			(22	)
TOTAL NONINTEREST EXPENSE	23,626				15,866			15,423			16,047			15,371			49			54			54,915			48,682			13
Income before income tax expense	34				9,298			9,082			6,950			7,986			(100	)		(100	)		18,414			21,967			(16	)
Income tax expense	414				2,802			2,553			1,258			2,278			(85	)		(82	)		5,769			6,375			(10	)
NET INCOME/(LOSS)	$	(380	)		$	6,496		$	6,529		$	5,692		$	5,708		NM			NM			$	12,645		$	15,592		(19	)
PER COMMON SHARE DATA
Basic earnings	$	(0.17	)		$	1.61		$	1.61		$	1.40		$	1.41		NM			NM			$	3.08		$	3.82		(19	)
Diluted earnings	(0.17		)		1.60			1.59			1.39			1.40			NM			NM			3.05			3.81			(20	)
FINANCIAL RATIOS
Return on common equity (b)	(1		)	%	13		%	13		%	11		%	12		%							8		%	11		%
Return on tangible common equity (b)(c)	(2		)		17			17			15			16									11			15
Return on assets (b)	(0.06		)		1.09			1.14			0.98			1.01									0.71			0.92
Return on risk-weighted assets (b)(c)(d)	(0.11		)	(e)	1.85			1.88			1.76			1.74									1.20		(e)	1.61
Effective income tax rate	NM				30			28			18			29									31			29
Overhead ratio	102				63			61			68			61									75			66

(a) Included litigation expense of $9.3 billion, $0.7 billion, $0.3 billion, $1.2 billion and $0.8 billion for the three months ended September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, and $10.3 billion and $3.8 billion for the nine months ended September 30, 2013 and 2012, respectively.

(b) Ratios are based upon annualized amounts.

(c) For further discussion of ROTCE and return on Basel I risk-weighted assets, see pages 2 and 42.

(d) In the first quarter of 2013, the Firm implemented Basel 2.5. For further information, see footnote (f) on page 2.

(e) Estimated.

Page 4

JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																	Sep 30, 2013
																	Change
	Sep 30,			Jun 30,				Mar 31,			Dec 31,			Sep 30,			Jun 30,			Sep 30,
	2013			2013				2013			2012			2012			2013			2012
ASSETS
Cash and due from banks	$	30,664		$	29,214			$	45,524		$	53,723		$	53,343		5		%	(43	)	%
Deposits with banks	371,445			311,318				257,635			121,814			104,344			19			256
Federal funds sold and securities purchased under
resale agreements	235,916			252,507				218,343			296,296			281,991			(7	)		(16	)
Securities borrowed	122,438			117,158				114,058			119,017			133,526			5			(8	)
Trading assets:
Debt and equity instruments	316,560			327,719				360,382			375,045			367,090			(3	)		(14	)
Derivative receivables	66,788			73,751				70,609			74,983			79,963			(9	)		(16	)
Securities	356,556			354,725				365,744			371,152			365,901			1			(3	)
Loans	728,679			725,586				728,886			733,796			721,947			-			1
Less: Allowance for loan losses	17,571			19,384				20,780			21,936			22,824			(9	)		(23	)
Loans, net of allowance for loan losses	711,108			706,202				708,106			711,860			699,123			1			2
Accrued interest and accounts receivable	66,269			81,562				74,208			60,933			62,989			(19	)		5
Premises and equipment	14,876			14,574				14,541			14,519			14,271			2			4
Goodwill	48,100			48,057				48,067			48,175			48,178			-			-
Mortgage servicing rights	9,490			9,335				7,949			7,614			7,080			2			34
Other intangible assets	1,817			1,951				2,082			2,235			2,641			(7	)		(31	)
Other assets	111,282			111,421				102,101			101,775			100,844			-			10
TOTAL ASSETS	$	2,463,309		$	2,439,494			$	2,389,349		$	2,359,141		$	2,321,284		1			6
LIABILITIES
Deposits	$	1,281,102		$	1,202,950			$	1,202,507		$	1,193,593		$	1,139,611		6			12
Federal funds purchased and securities loaned or sold
under repurchase agreements	218,728			258,962				248,245			240,103			257,218			(16	)		(15	)
Commercial paper	53,741			56,631				58,835			55,367			55,474			(5	)		(3	)
Other borrowed funds	30,436			30,385				27,200			26,636			22,255			-			37
Trading liabilities:
Debt and equity instruments	87,334			84,208				63,737			61,262			71,471			4			22
Derivative payables	60,785			64,385				61,989			70,656			73,462			(6	)		(17	)
Accounts payable and other liabilities	212,283			211,432				193,089			195,240			203,042			-			5
Beneficial interests issued by consolidated VIEs	48,858			55,090				58,300			63,191			57,918			(11	)		(16	)
Long-term debt	263,372			266,212				268,361			249,024			241,140			(1	)		9
TOTAL LIABILITIES	2,256,639			2,230,255				2,182,263			2,155,072			2,121,591			1			6
STOCKHOLDERS' EQUITY
Preferred stock	11,158			11,458				9,958			9,058			9,058			(3	)		23
Common stock	4,105			4,105				4,105			4,105			4,105			-			-
Capital surplus	93,555			93,416				93,161			94,604			94,431			-			(1	)
Retained earnings	112,135			114,216				109,402			104,223			99,888			(2	)		12
Accumulated other comprehensive income	390			136				3,491			4,102			4,426			187			(91	)
Shares held in RSU Trust, at cost	(21		)	(21		)		(21		)	(21		)	(38		)	-			45
Treasury stock, at cost	(14,652		)	(14,071		)		(13,010		)	(12,002		)	(12,177		)	(4	)		(20	)
TOTAL STOCKHOLDERS' EQUITY	206,670			209,239				207,086			204,069			199,693			(1	)		3
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,463,309		$	2,439,494			$	2,389,349		$	2,359,141		$	2,321,284		1			6

Page 5

JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																										NINE MONTHS ENDED SEPTEMBER 30,
																					3Q13 Change													2013 Change
AVERAGE BALANCES	3Q13				2Q13				1Q13				4Q12				3Q12				2Q13			3Q12			2013				2012			2012
ASSETS
Deposits with banks	$	321,271			$	265,821			$	156,988			$	124,832			$	126,605			21		%	154		%	$	248,628			$	116,325		114		%
Federal funds sold and securities purchased under
resale agreements	229,730				231,972				231,421				252,529				233,576				(1	)		(2	)		231,035				235,393			(2	)
Securities borrowed	119,950				115,194				120,337				128,329				134,980				4			(11	)		118,492				132,493			(11	)
Trading assets - debt instruments	212,228				240,952				250,502				244,346				228,120				(12	)		(7	)		234,420				230,826			2
Securities	351,648				359,108				368,673				365,883				351,733				(2	)		-			359,748				362,341			(1	)
Loans	723,538				727,499				725,124				725,610				723,077				(1	)		-			725,381				721,301			1
Other assets (a)	39,048				39,920				43,039				33,004				31,689				(2	)		23			40,655				32,954			23
Total interest-earning assets	1,997,413				1,980,466				1,896,084				1,874,533				1,829,780				1			9			1,958,359				1,831,633			7
Trading assets - equity instruments	103,347				116,333				120,192				119,598				103,279				(11	)		-			113,229				113,607			-
Trading assets - derivative receivables	71,657				75,310				74,918				77,974				85,303				(5	)		(16	)		73,950				88,353			(16	)
All other noninterest-earning assets	217,352				227,861				230,836				238,684				233,395				(5	)		(7	)		225,300				225,357			-
TOTAL ASSETS	$	2,389,769			$	2,399,970			$	2,322,030			$	2,310,789			$	2,251,757			-			6			$	2,370,838			$	2,258,950		5
LIABILITIES
Interest-bearing deposits	$	832,192			$	810,096			$	787,870			$	758,645			$	742,570			3			12			$	810,215			$	748,564		8
Federal funds purchased and securities loaned or
sold under repurchase agreements	231,938				264,240				250,827				260,415				251,071				(12	)		(8	)		248,932				244,582			2
Commercial paper	53,287				54,391				53,084				53,401				52,523				(2	)		1			53,588				49,901			7
Trading liabilities - debt, short-term and other liabilities (b)	213,261				201,668				184,824				181,089				189,981				6			12			200,022				197,609			1
Beneficial interests issued by consolidated VIEs	52,522				56,742				60,341				58,973				56,609				(7	)		(7	)		56,506				60,657			(7	)
Long-term debt	265,396				270,796				254,326				245,343				231,723				(2	)		15			263,547				245,770			7
Total interest-bearing liabilities	1,648,596				1,657,933				1,591,272				1,557,866				1,524,477				(1	)		8			1,632,810				1,547,083			6
Noninterest-bearing deposits	364,495				363,537				355,913				374,893				355,478				-			3			361,346				348,033			4
Trading liabilities - equity instruments	14,696				13,737				13,203				14,264				16,244				7			(10	)		13,884				14,141			(2	)
Trading liabilities - derivative payables	63,378				66,246				68,683				72,049				77,851				(4	)		(19	)		66,083				77,543			(15	)
All other noninterest-bearing liabilities	89,419				90,139				88,618				90,684				82,839				(1	)		8			89,396				82,398			8
TOTAL LIABILITIES	2,180,584				2,191,592				2,117,689				2,109,756				2,056,889				(1	)		6			2,163,519				2,069,198			5
Preferred stock	11,953				11,095				9,608				9,058				8,278				8			44			10,894				7,961			37
Common stockholders' equity	197,232				197,283				194,733				191,975				186,590				-			6			196,425				181,791			8
TOTAL STOCKHOLDERS' EQUITY	209,185				208,378				204,341				201,033				194,868				-			7			207,319				189,752			9
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,389,769			$	2,399,970			$	2,322,030			$	2,310,789			$	2,251,757			-			6			$	2,370,838			$	2,258,950		5
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	0.33			%	0.34			%	0.42			%	0.43			%	0.41			%							0.35			%	0.48		%
Federal funds sold and securities purchased under
resale agreements	0.84				0.85				0.90				0.91				0.97										0.86				1.06
Securities borrowed (d)	(0.12		)		(0.11		)		(0.02		)		(0.03		)		(0.05		)								(0.08		)		0.01
Trading assets - debt instruments	3.78				3.69				3.72				3.81				3.81										3.73				4.02
Securities	2.40				2.10				2.19				2.04				2.11										2.23				2.38
Loans	4.57				4.62				4.78				4.83				4.98										4.66				5.02
Other assets (a)(e)	1.54				1.48				0.75				1.01				0.55										1.24				0.71
Total interest-earning assets	2.65				2.70				2.91				2.93				3.01										2.75				3.14
INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.25				0.27				0.28				0.30				0.34										0.26				0.37
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.19				0.24				0.27				0.22				0.22										0.23				0.21
Commercial paper	0.21				0.21				0.20				0.19				0.19										0.21				0.17
Trading liabilities - debt, short-term and other liabilities (b)(d)	0.72				0.65				0.72				0.63				0.50										0.69				0.59
Beneficial interests issued by consolidated VIEs	0.85				0.89				0.90				0.98				1.09										0.88				1.11
Long-term debt	1.85				1.87				2.06				2.17				2.51										1.92				2.57
Total interest-bearing liabilities	0.57				0.59				0.64				0.64				0.69										0.60				0.75
INTEREST RATE SPREAD	2.08			%	2.11			%	2.27			%	2.29			%	2.32			%							2.15			%	2.39		%
NET YIELD ON INTEREST-EARNING ASSETS	2.18			%	2.20			%	2.37			%	2.40			%	2.43			%							2.25			%	2.51		%

(a) Includes margin loans.

(b) Includes brokerage customer payables.

(c) Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(d) Negative yield is the result of increased client-driven demand for certain securities combined with the impact of low interest rates; the offset of this matched book activity is reflected as lower net interest expense reported within trading liabilities - debt, short-term and other liabilities.

(e) Effective April 1, 2013, the net results previously recorded in net interest income for the Firm's hedges of investments in non-U.S. subsidiaries have been reclassified to other income. The effect of this reclassification on the total interest-earning assets rate and net yield on interest-earning assets was not material; and therefore, prior period amounts have not been revised.

Page 6

JPMORGAN CHASE & CO.
CORE NET INTEREST INCOME
(in millions, except rates)

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 (which excludes the impact of Corporate & Investment Bank's ("CIB") market-based activities). The core data presented below are non-GAAP financial measures due to the exclusion of CIB's market-based net interest income and the related assets. Management believes this exclusion provides investors and analysts a more meaningful measure by which to analyze the non-market-related business trends of the Firm and provides a comparable measure to other financial institutions that are primarily focused on core lending, investing and deposit-raising activities. For a further discussion of these measures, see Explanation and Reconciliation of the Firm's Use of Non-GAAP Financial Measures on pages 76-77 of JPMorgan Chase's Annual Report on Form 10-K for the year ended December 31, 2012 (the "2012 Annual Report").

	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q13 Change												2013 Change
	3Q13			2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
CORE NET INTEREST INCOME DATA (a)
Net interest income - managed basis (b)(c)	$	10,956		$	10,869		$	11,095		$	11,299		$	11,176		1		%	(2	)	%	$	32,920		$	34,354		(4	)	%
Less: Market-based net interest income	1,109			1,345			1,432			1,487			1,386			(18	)		(20	)		3,886			4,300			(10	)
Core net interest income (b)	$	9,847		$	9,524		$	9,663		$	9,812		$	9,790		3			1			$	29,034		$	30,054		(3	)
Average interest-earning assets	$	1,997,413		$	1,980,466		$	1,896,084		$	1,874,533		$	1,829,780		1			9			$	1,958,359		$	1,831,633		7
Less: Average market-based earning assets	493,780			512,631			508,941			503,825			497,469			(4	)		(1	)		505,062			497,832			1
Core average interest-earning assets	$	1,503,633		$	1,467,835		$	1,387,143		$	1,370,708		$	1,332,311		2			13			$	1,453,297		$	1,333,801		9
Net interest yield on interest-earning assets -
managed basis	2.18		%	2.20		%	2.37		%	2.40		%	2.43		%							2.25		%	2.51		%
Net interest yield on market-based activities	0.89			1.05			1.14			1.17			1.11									1.03			1.15
Core net interest yield on core average interest-earning      assets	2.60			2.60			2.83			2.85			2.92									2.67			3.01

(a) Includes core lending, investing and deposit-raising activities on a managed basis across the Firm's business segments and Corporate/Private Equity; excludes the market-based activities within the CIB.

(b) Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(c) For a reconciliation of net interest income on a reported and managed basis, see Reconciliation from Reported to Managed Summary on page 8.

Page 7

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

The Firm prepares its consolidated financial statements using accounting principles generally accepted in the U.S. ("U.S. GAAP"). That presentation, which is referred to as "reported” basis, provides the reader with an understanding of the Firm's results that can be tracked consistently from year to year and enables a comparison of the Firm's performance with other companies' U.S. GAAP financial statements. In addition to analyzing the Firm's results on a reported basis, management reviews the Firm's results and the results of the lines of business on a “managed” basis, which is a non-GAAP financial measure. For additional information on managed basis, refer to the notes on Non-GAAP Financial Measures on page 42.

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

	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q13 Change												2013 Change
	3Q13				2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
OTHER INCOME
Other income - reported	$	602			$	226		$	536		$	721		$	1,519		166		%	(60	)	%	$	1,364		$	3,537		(61	)	%
Fully taxable-equivalent adjustments (a)	582				582			564			548			517			-			13			1,728			1,568			10
Other income - managed	$	1,184			$	808		$	1,100		$	1,269		$	2,036		47			(42	)		$	3,092		$	5,105		(39	)
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	12,342			$	14,507		$	14,189		$	12,531		$	14,170		(15	)		(13	)		$	41,038		$	39,590		4
Fully taxable-equivalent adjustments (a)	582				582			564			548			517			-			13			1,728			1,568			10
Total noninterest revenue - managed	$	12,924			$	15,089		$	14,753		$	13,079		$	14,687		(14	)		(12	)		$	42,766		$	41,158		4
NET INTEREST INCOME
Net interest income - reported	$	10,775			$	10,704		$	10,933		$	11,122		$	10,976		1			(2	)		$	32,412		$	33,788		(4	)
Fully taxable-equivalent adjustments (a)	181				165			162			177			200			10			(10	)		508			566			(10	)
Net interest income - managed	$	10,956			$	10,869		$	11,095		$	11,299		$	11,176		1			(2	)		$	32,920		$	34,354		(4	)
TOTAL NET REVENUE
Total net revenue - reported	$	23,117			$	25,211		$	25,122		$	23,653		$	25,146		(8	)		(8	)		$	73,450		$	73,378		-
Fully taxable-equivalent adjustments (a)	763				747			726			725			717			2			6			2,236			2,134			5
Total net revenue - managed	$	23,880			$	25,958		$	25,848		$	24,378		$	25,863		(8	)		(8	)		$	75,686		$	75,512		-
PRE-PROVISION PROFIT/(LOSS)
Pre-provision profit - reported	$	(509	)		$	9,345		$	9,699		$	7,606		$	9,775		NM			NM			$	18,535		$	24,696		(25	)
Fully taxable-equivalent adjustments (a)	763				747			726			725			717			2			6			2,236			2,134			5
Pre-provision profit - managed	$	254			$	10,092		$	10,425		$	8,331		$	10,492		(97	)		(98	)		$	20,771		$	26,830		(23	)
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	34			$	9,298		$	9,082		$	6,950		$	7,986		(100	)		(100	)		$	18,414		$	21,967		(16	)
Fully taxable-equivalent adjustments (a)	763				747			726			725			717			2			6			2,236			2,134			5
Income before income tax expense - managed	$	797			$	10,045		$	9,808		$	7,675		$	8,703		(92	)		(91	)		$	20,650		$	24,101		(14	)
INCOME TAX EXPENSE
Income tax expense - reported	$	414			$	2,802		$	2,553		$	1,258		$	2,278		(85	)		(82	)		$	5,769		$	6,375		(10	)
Fully taxable-equivalent adjustments (a)	763				747			726			725			717			2			6			2,236			2,134			5
Income tax expense - managed	$	1,177			$	3,549		$	3,279		$	1,983		$	2,995		(67	)		(61	)		$	8,005		$	8,509		(6	)
OVERHEAD RATIO
Overhead ratio - reported	102			%	63		%	61		%	68		%	61		%							75		%	66		%
Overhead ratio - managed	99				61			60			66			59									73			64

(a) Predominantly recognized in the Corporate & Investment Bank and Commercial Banking business segments and Corporate/Private Equity.

Page 8

JPMORGAN CHASE & CO.
LINE OF BUSINESS FINANCIAL HIGHLIGHTS - MANAGED BASIS
(in millions)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q13 Change												2013 Change
	3Q13			2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
TOTAL NET REVENUE (fully taxable-equivalent ("FTE")) (a)
Consumer & Community Banking	$	11,082		$	12,015		$	11,615		$	12,362		$	12,720		(8	)	%	(13	)	%	$	34,712		$	37,522		(7	)	%
Corporate & Investment Bank	8,189			9,876			10,140			7,642			8,360			(17	)		(2	)		28,205			26,684			6
Commercial Banking	1,725			1,728			1,673			1,745			1,732			-			-			5,126			5,080			1
Asset Management	2,763			2,725			2,653			2,753			2,459			1			12			8,141			7,193			13
Corporate/Private Equity	121			(386		)	(233		)	(124		)	592			NM			(80	)		(498		)	(967		)	49
TOTAL NET REVENUE	$	23,880		$	25,958		$	25,848		$	24,378		$	25,863		(8	)		(8	)		$	75,686		$	75,512		-
TOTAL NONINTEREST EXPENSE (a)
Consumer & Community Banking	$	6,867		$	6,864		$	6,790		$	7,989		$	6,956		-			(1	)		$	20,521		$	20,838		(2	)
Corporate & Investment Bank	4,999			5,742			6,111			4,996			5,350			(13	)		(7	)		16,852			16,854			-
Commercial Banking	661			652			644			599			601			1			10			1,957			1,790			9
Asset Management	2,003			1,892			1,876			1,943			1,731			6			16			5,771			5,161			12
Corporate/Private Equity	9,096			716			2			520			733			NM			NM			9,814			4,039			143
TOTAL NONINTEREST EXPENSE	$	23,626		$	15,866		$	15,423		$	16,047		$	15,371		49			54			$	54,915		$	48,682		13
PRE-PROVISION PROFIT/(LOSS) (a)
Consumer & Community Banking	$	4,215		$	5,151		$	4,825		$	4,373		$	5,764		(18	)		(27	)		$	14,191		$	16,684		(15	)
Corporate & Investment Bank	3,190			4,134			4,029			2,646			3,010			(23	)		6			11,353			9,830			15
Commercial Banking	1,064			1,076			1,029			1,146			1,131			(1	)		(6	)		3,169			3,290			(4	)
Asset Management	760			833			777			810			728			(9	)		4			2,370			2,032			17
Corporate/Private Equity	(8,975		)	(1,102		)	(235		)	(644		)	(141		)	NM			NM			(10,312		)	(5,006		)	(106	)
PRE-PROVISION PROFIT	$	254		$	10,092		$	10,425		$	8,331		$	10,492		(97	)		(98	)		$	20,771		$	26,830		(23	)
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	(267	)	$	(19	)	$	549		$	1,091		$	1,862		NM			NM			$	263		$	2,683		(90	)
Corporate & Investment Bank	(218		)	(6		)	11			(445		)	(60		)	NM			(263	)		(213		)	(34		)	NM
Commercial Banking	(41		)	44			39			(3		)	(16		)	NM			(156	)		42			44			(5	)
Asset Management	—			23			21			19			14			NM			NM			44			67			(34	)
Corporate/Private Equity	(17		)	5			(3		)	(6		)	(11		)	NM			(55	)		(15		)	(31		)	52
PROVISION FOR CREDIT LOSSES	$	(543	)	$	47		$	617		$	656		$	1,789		NM			NM			$	121		$	2,729		(96	)
NET INCOME/(LOSS) (a)
Consumer & Community Banking	$	2,702		$	3,089		$	2,586		$	1,989		$	2,355		(13	)		15			$	8,377		$	8,562		(2	)
Corporate & Investment Bank	2,240			2,838			2,610			2,005			1,992			(21	)		12			7,688			6,401			20
Commercial Banking	665			621			596			692			690			7			(4	)		1,882			1,954			(4	)
Asset Management	476			500			487			483			443			(5	)		7			1,463			1,220			20
Corporate/Private Equity	(6,463		)	(552		)	250			523			228			NM			NM			(6,765		)	(2,545		)	(166	)
TOTAL NET INCOME/(LOSS)	$	(380	)	$	6,496		$	6,529		$	5,692		$	5,708		NM			NM			$	12,645		$	15,592		(19	)

(a) In the second quarter of 2013, the 2012 data for certain income statement line items were revised to reflect the transfer of certain functions and staff from Corporate/Private Equity to CCB, effective January 1, 2013. For further information on this transfer, see CCB on page 10, Consumer & Business Banking on page 12 and Corporate/Private Equity on page 30.

Page 9

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																							NINE MONTHS ENDED SEPTEMBER 30,
																		3Q13 Change												2013 Change
	3Q13				2Q13				1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
INCOME STATEMENT (a)
REVENUE
Lending- and deposit-related fees	$	780			$	727			$	723		$	789		$	797		7		%	(2	)	%	$	2,230		$	2,332		(4	)	%
Asset management, administration and commissions	515				561				533			495			523			(8	)		(2	)		1,609			1,598			1
Mortgage fees and related income	839				1,819				1,450			2,031			2,376			(54	)		(65	)		4,108			6,649			(38	)
Card income	1,460				1,445				1,362			1,448			1,376			1			6			4,267			3,998			7
All other income	367				369				338			350			353			(1	)		4			1,074			1,123			(4	)
Noninterest revenue	3,961				4,921				4,406			5,113			5,425			(20	)		(27	)		13,288			15,700			(15	)
Net interest income	7,121				7,094				7,209			7,249			7,295			-			(2	)		21,424			21,822			(2	)
TOTAL NET REVENUE	11,082				12,015				11,615			12,362			12,720			(8	)		(13	)		34,712			37,522			(7	)
Provision for credit losses	(267		)		(19		)		549			1,091			1,862			NM			NM			263			2,683			(90	)
NONINTEREST EXPENSE
Compensation expense	2,949				2,966				3,006			2,852			2,947			(1	)		-			8,921			8,780			2
Noncompensation expense	3,817				3,789				3,676			4,790			3,872			1			(1	)		11,282			11,630			(3	)
Amortization of intangibles	101				109				108			347			137			(7	)		(26	)		318			428			(26	)
TOTAL NONINTEREST EXPENSE	6,867				6,864				6,790			7,989			6,956			-			(1	)		20,521			20,838			(2	)
Income before income tax expense	4,482				5,170				4,276			3,282			3,902			(13	)		15			13,928			14,001			(1	)
Income tax expense	1,780				2,081				1,690			1,293			1,547			(14	)		15			5,551			5,439			2
NET INCOME	$	2,702			$	3,089			$	2,586		$	1,989		$	2,355		(13	)		15			$	8,377		$	8,562		(2	)
FINANCIAL RATIOS
ROE	23			%	27			%	23		%	18		%	22		%							24		%	27		%
Overhead ratio	62				57				58			65			55									59			56
SELECTED BALANCE SHEET DATA (period-end) (a)
Total assets	$	451,166			$	460,642			$	458,902		$	467,282		$	463,602		(2	)		(3	)		$	451,166		$	463,602		(3	)
Loans:
Loans retained	390,345				392,067				393,575			402,963			402,431			-			(3	)		390,345			402,431			(3	)
Loans held-for-sale and loans at fair value (b)	10,758				15,274				16,277			18,801			15,356			(30	)		(30	)		10,758			15,356			(30	)
Total loans	401,103				407,341				409,852			421,764			417,787			(2	)		(4	)		401,103			417,787			(4	)
Deposits	458,867				456,814				457,176			438,517			422,101			-			9			458,867			422,101			9
Equity	46,000				46,000				46,000			43,000			43,000			-			7			46,000			43,000			7
SELECTED BALANCE SHEET DATA (average) (a)
Total assets	$	453,881			$	457,644			$	463,527		$	462,690		$	463,812		(1	)		(2	)		$	458,315		$	469,303		(2	)
Loans:
Loans retained	390,865				392,935				397,118			400,798			404,772			(1	)		(3	)		393,616			411,165			(4	)
Loans held-for-sale and loans at fair value (b)	14,127				18,199				21,181			19,104			17,988			(22	)		(21	)		17,810			17,637			1
Total loans	404,992				411,134				418,299			419,902			422,760			(1	)		(4	)		411,426			428,802			(4	)
Deposits	456,940				453,586				441,335			426,038			416,686			1			10			450,677			409,889			10
Equity	46,000				46,000				46,000			43,000			43,000			-			7			46,000			43,000			7
Headcount (a)	156,064				157,886				161,123			164,391			165,179			(1	)		(6	)		156,064			165,179			(6	)

(a) In the second quarter of 2013, the 2012 data for certain income statement (predominantly net interest income, compensation and noncompensation expense) and balance sheet (predominantly total assets) line items, as well as headcount were revised to reflect the transfer of certain technology and operations, as well as real estate-related functions and staff, from Corporate/Private Equity to CCB, effective January 1, 2013.

(b) Predominantly consists 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 and Condensed Average Balance Sheets.

Page 10

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q13 Change												2013 Change
	3Q13			2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs (a)	$	1,330		$	1,481		$	1,699		$	1,791		$	2,817		(10	)	%	(53	)	%	$	4,510		$	7,489		(40	)	%
Nonaccrual loans:
Nonaccrual loans retained	8,029			8,540			8,996			9,114			9,398			(6	)		(15	)		8,029			9,398			(15	)
Nonaccrual loans held-for-sale and loans
at fair value	40			41			42			39			89			(2	)		(55	)		40			89			(55	)
Total nonaccrual loans (b)(c)(d)	8,069			8,581			9,038			9,153			9,487			(6	)		(15	)		8,069			9,487			(15	)
Nonperforming assets (b)(c)(d)	8,713			9,212			9,708			9,830			10,185			(5	)		(14	)		8,713			10,185			(14	)
Allowance for loan losses	13,500			15,095			16,599			17,752			18,454			(11	)		(27	)		13,500			18,454			(27	)
Net charge-off rate (a)(e)	1.35		%	1.51		%	1.74		%	1.78		%	2.77		%							1.53		%	2.43		%
Net charge-off rate, excluding purchased credit-impaired
("PCI") loans (a)(e)	1.57			1.77			2.04			2.09			3.27									1.79			2.88
Allowance for loan losses to period-end loans retained	3.46			3.85			4.22			4.41			4.59									3.46			4.59
Allowance for loan losses to period-end loans retained,
excluding PCI loans (f)	2.54			2.80			3.25			3.51			3.73									2.54			3.73
Allowance for loan losses to nonaccrual loans
retained, excluding credit card (b)(f)	55			58			65			72			77									55			77
Nonaccrual loans to total period-end loans, excluding
credit card	2.91			3.03			3.14			3.12			3.23									2.91			3.23
Nonaccrual loans to total period-end loans, excluding
credit card and PCI loans (b)	3.63			3.79			3.94			3.91			4.09									3.63			4.09
BUSINESS METRICS
Number of:
Branches	5,652			5,657			5,632			5,614			5,596			-			1			5,652			5,596			1
ATMs	19,171			19,075			18,830			18,699			18,485			1			4			19,171			18,485			4
Active online customers (in thousands)	32,916			32,245			32,281			31,114			30,765			2			7			32,916			30,765			7
Active mobile customers (in thousands)	14,993			14,013			13,263			12,359			11,573			7			30			14,993			11,573			30

(a) Net charge-offs and the net charge-off rate for the three months ended September 30, 2012 included $880 million of charge-offs recorded in accordance with regulatory guidance requiring loans discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) to be charged off to the net realizable value of the collateral and to be considered nonaccrual, regardless of their delinquency status. Excluding these charge-offs, net charge-offs for the three months ended September 30, 2012 would have been $1.9 billion, and excluding these charge-offs and PCI loans for the same period, the net charge-off rate would have been 2.25%. For further information, see Consumer Credit Portfolio on pages 140-142 of JPMorgan Chase's 2012 Annual Report.

(b) Excludes PCI loans. Because the Firm is recognizing interest income on each pool of PCI loans, they are all considered to be performing.

(c) Certain mortgage loans originated with the intent to sell are classified as trading assets on the Consolidated Balance Sheets and Condensed Average Balance Sheets.

(d) At September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $8.9 billion, $10.1 billion, $10.9 billion, $10.6 billion and $11.0 billion, respectively, that are 90 or more days past due; (2) real estate owned insured by U.S. government agencies of $1.9 billion, $1.8 billion, $1.7 billion, $1.6 billion and $1.5 billion, respectively; and (3) student loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) of $456 million, $488 million, $523 million, $525 million and $536 million, respectively, that are 90 or more days past due. These amounts were excluded from nonaccrual loans as reimbursement of insured amounts is proceeding normally.

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

(f) The allowance for loan losses for PCI loans was $5.0 billion at September 30, 2013 and $5.7 billion at June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012; these amounts were also excluded from the applicable ratios.

Page 11

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q13 Change												2013 Change
	3Q13			2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
CONSUMER & BUSINESS BANKING (a)
Lending- and deposit-related fees	$	770		$	717		$	711		$	771		$	785		7		%	(2	)	%	$	2,198		$	2,297		(4	)	%
Asset management, administration and commissions	465			454			426			404			407			2			14			1,345			1,234			9
Card income	384			378			349			351			343			2			12			1,111			1,002			11
All other income	127			124			119			123			122			2			4			370			375			(1	)
Noninterest revenue	1,746			1,673			1,605			1,649			1,657			4			5			5,024			4,908			2
Net interest income	2,684			2,614			2,572			2,615			2,665			3			1			7,870			7,979			(1	)
Total net revenue	4,430			4,287			4,177			4,264			4,322			3			2			12,894			12,887			-
Provision for credit losses	104			74			61			110			107			41			(3	)		239			201			19
Noninterest expense	3,050			3,042			3,041			2,947			2,913			-			5			9,133			8,543			7
Income before income tax expense	1,276			1,171			1,075			1,207			1,302			9			(2	)		3,522			4,143			(15	)
Net income	$	762		$	698		$	641		$	731		$	778		9			(2	)		$	2,101		$	2,472		(15	)
ROE	27		%	25		%	24		%	32		%	34		%							26		%	37		%
Overhead ratio	69			71			73			69			67									71			66
Overhead ratio, excluding core deposit intangibles (b)	68			70			72			68			66									70			65
Equity (period-end and average)	$	11,000		$	11,000		$	11,000		$	9,000		$	9,000		-			22			$	11,000		$	9,000		22
BUSINESS METRICS
Business banking origination volume	$	1,299		$	1,317		$	1,234		$	1,530		$	1,685		(1	)		(23	)		$	3,850		$	5,012		(23	)
Period-end loans	19,029			18,950			18,739			18,883			18,568			-			2			19,029			18,568			2
Period-end deposits: (a)
Checking	180,858			179,801			180,326			170,354			159,560			1			13			180,858			159,560			13
Savings	234,315			228,879			227,162			216,422			208,272			2			13			234,315			208,272			13
Time and other	28,277			29,255			30,431			31,753			32,783			(3	)		(14	)		28,277			32,783			(14	)
Total period-end deposits	443,450			437,935			437,919			418,529			400,615			1			11			443,450			400,615			11
Average loans	18,884			18,758			18,711			18,525			18,279			1			3			18,785			17,961			5
Average deposits: (a)
Checking	177,392			175,496			168,697			160,332			154,015			1			15			173,894			151,104			15
Savings	231,982			227,453			221,394			211,515			206,298			2			12			226,982			202,077			12
Time and other	28,728			29,840			31,029			32,232			33,472			(4	)		(14	)		29,856			34,890			(14	)
Total average deposits	438,102			432,789			421,120			404,079			393,785			1			11			430,732			388,071			11
Deposit margin	2.32		%	2.31		%	2.36		%	2.44		%	2.56		%							2.33		%	2.62		%
Average assets (a)	$	37,308		$	37,250		$	36,302		$	35,530		$	34,128		-			9			$	36,956		$	34,062		8
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	100		$	74		$	61		$	110		$	107		35			(7	)		$	235		$	301		(22	)
Net charge-off rate	2.10		%	1.58		%	1.32		%	2.36		%	2.33		%							1.67		%	2.24		%
Allowance for loan losses	$	701		$	697		$	698		$	698		$	698		1			-			$	701		$	698		-
Nonperforming assets	419			461			465			488			532			(9	)		(21	)		419			532			(21	)
RETAIL BRANCH BUSINESS METRICS
Investment sales volume	$	8,172		$	9,463		$	9,220		$	6,987		$	6,280		(14	)		30			$	26,855		$	19,049		41
Client investment assets	178,989			171,925			168,527			158,502			154,637			4			16			178,989			154,637			16
% managed accounts	34		%	33		%	31		%	29		%	28		%							34		%	28		%
Number of:
Chase Private Client locations	1,948			1,691			1,392			1,218			960			15			103			1,948			960			103
Personal bankers	22,961			22,825			23,130			23,674			23,622			1			(3	)		22,961			23,622			(3	)
Sales specialists	6,269			6,326			6,102			6,076			6,205			(1	)		1			6,269			6,205			1
Client advisors	3,028			3,024			2,998			2,963			3,034			-			-			3,028			3,034			-
Chase Private Clients	192,358			165,331			134,206			105,700			75,766			16			154			192,358			75,766			154
Accounts (in thousands) (c)	29,301			28,937			28,530			28,073			27,840			1			5			29,301			27,840			5

(a) In the second quarter of 2013, the 2012 data for certain income statement and balance sheet line items were revised to reflect the transfer of certain functions and staff, as well as headcount, from Corporate/Private Equity to CCB, effective January 1, 2013. For further information on this transfer, see CCB on page 10.

(b) Consumer & Business Banking (“CBB”) 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 excluded CBB's CDI amortization expense related to prior business combination transactions of $41 million, $41 million, $41 million, $48 million and $51 million for the three months ended September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, and $123 million and $152 million for the nine months ended September 30, 2013 and 2012, respectively.

(c) Includes checking accounts and Chase Liquid^SM cards.

Page 12

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																										NINE MONTHS ENDED SEPTEMBER 30,
																					3Q13 Change														2013 Change
	3Q13				2Q13				1Q13				4Q12				3Q12				2Q13			3Q12			2013				2012				2012
MORTGAGE BANKING
Mortgage fees and related income	$	839			$	1,819			$	1,450			$	2,031			$	2,376			(54	)	%	(65	)	%	$	4,108			$	6,649			(38	)	%
All other income	38				101				93				109				112				(62	)		(66	)		232				366				(37	)
Noninterest revenue	877				1,920				1,543				2,140				2,488				(54	)		(65	)		4,340				7,015				(38	)
Net interest income	1,143				1,138				1,175				1,150				1,187				-			(4	)		3,456				3,658				(6	)
Total net revenue	2,020				3,058				2,718				3,290				3,675				(34	)		(45	)		7,796				10,673				(27	)
Provision for credit losses	(1,044		)		(657		)		(198		)		(269		)		524				(59	)		NM			(1,899		)		(221		)		NM
Noninterest expense	1,900				1,834				1,806				2,871				2,123				4			(11	)		5,540				6,250				(11	)
Income before income tax expense	1,164				1,881				1,110				688				1,028				(38	)		13			4,155				4,644				(11	)
Net income	$	705			$	1,142			$	673			$	418			$	623			(38	)		13			$	2,520			$	2,923			(14	)
ROE	14			%	23			%	14			%	10			%	14			%							17			%	22			%
Overhead ratio	94				60				66				87				58										71				59
Equity (period-end and average)	$	19,500			$	19,500			$	19,500			$	17,500			$	17,500			-			11			$	19,500			$	17,500			11
FUNCTIONAL RESULTS
Mortgage Production
Production revenue	$	311			$	1,064			$	995			$	1,407			$	1,582			(71	)		(80	)		$	2,370			$	4,376			(46	)
Production-related net interest & other income	273				222				223				205				196				23			39			718				582				23
Production-related revenue, excluding repurchase losses	584				1,286				1,218				1,612				1,778				(55	)		(67	)		3,088				4,958				(38	)
Production expense (a)	669				720				710				876				678				(7	)		(1	)		2,099				1,871				12
Income, excluding repurchase losses	(85		)		566				508				736				1,100				NM			NM			989				3,087				(68	)
Repurchase losses	175				16				(81		)		53				(13		)		NM			NM			110				(325		)		NM
Income before income tax expense	90				582				427				789				1,087				(85	)		(92	)		1,099				2,762				(60	)
Mortgage Servicing
Loan servicing revenue	$	817			$	945			$	936			$	783			$	946			(14	)		(14	)		$	2,698			$	2,989			(10	)
Servicing-related net interest & other income	99				110				100				89				98				(10	)		1			309				318				(3	)
Servicing-related revenue	916				1,055				1,036				872				1,044				(13	)		(12	)		3,007				3,307				(9	)
Changes in MSR asset fair value due to collection/realization
of expected cash flows	(284		)		(285		)		(258		)		(254		)		(290		)		-			2			(827		)		(968		)		15
Default servicing expense	623				475				497				1,293				819				31			(24	)		1,595				2,414				(34	)
Core servicing expense	235				240				240				280				244				(2	)		(4	)		715				753				(5	)
Income/(loss), excluding MSR risk management	(226		)		55				41				(955		)		(309		)		NM			27			(130		)		(828		)		84
MSR risk management, including related net interest
income/(expense)	(180		)		78				(142		)		42				150				NM			NM			(244		)		574				NM
Income/(loss) before income tax expense/(benefit)	(406		)		133				(101		)		(913		)		(159		)		NM			(155	)		(374		)		(254		)		(47	)
Real Estate Portfolios
Noninterest revenue	$	(113	)		$	(34	)		$	(17	)		$	13			$	9			(232	)		NM			$	(164	)		$	30			NM
Net interest income	922				942				962				952				997				(2	)		(8	)		2,826				3,097				(9	)
Total net revenue	809				908				945				965				1,006				(11	)		(20	)		2,662				3,127				(15	)
Provision for credit losses	(1,046		)		(662		)		(202		)		(283		)		520				(58	)		NM			(1,910		)		(226		)		NM
Noninterest expense	375				404				363				436				386				(7	)		(3	)		1,142				1,217				(6	)
Income before income tax expense	1,480				1,166				784				812				100				27			NM			3,430				2,136				61
Mortgage Banking income before income tax
expense	$	1,164			$	1,881			$	1,110			$	688			$	1,028			(38	)		13			$	4,155			$	4,644			(11	)
Mortgage Banking net income	$	705			$	1,142			$	673			$	418			$	623			(38	)		13			$	2,520			$	2,923			(14	)
Overhead ratios
Mortgage Production	88			%	55			%	62			%	52			%	38			%							65			%	40			%
Mortgage Servicing	190				84				116				238				118										119				109
Real Estate Portfolios	46				44				38				45				38										43				39

(a) Includes provision for credit losses associated with Mortgage Production.

Page 13

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																										NINE MONTHS ENDED SEPTEMBER 30,
																					3Q13 Change														2013 Change
	3Q13				2Q13				1Q13				4Q12				3Q12				2Q13			3Q12			2013				2012				2012
MORTGAGE BANKING (continued)
SUPPLEMENTAL MORTGAGE FEES AND RELATED
INCOME DETAILS
Net production revenue:
Production revenue	$	311			$	1,064			$	995			$	1,407			$	1,582			(71	)	%	(80	)	%	$	2,370			$	4,376			(46	)	%
Repurchase losses	175				16				(81		)		53				(13		)		NM			NM			110				(325		)		NM
Net production revenue	486				1,080				914				1,460				1,569				(55	)		(69	)		2,480				4,051				(39	)
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue	817				945				936				783				946				(14	)		(14	)		2,698				2,989				(10	)
Changes in MSR asset fair value due to collection/
realization of expected cash flows	(284		)		(285		)		(258		)		(254		)		(290		)		-			2			(827		)		(968		)		15
Total operating revenue	533				660				678				529				656				(19	)		(19	)		1,871				2,021				(7	)
Risk management:
Changes in MSR asset fair value due to market interest
rates and other (a)	80				1,072				546				285				(323		)		(93	)		NM			1,698				(872		)		NM
Other changes in MSR asset fair value due to other inputs
and assumptions in model (b)	(173		)		(36		)		(237		)		(69		)		(5		)		(381	)		NM			(446		)		23				NM
Changes in derivative fair value and other	(87		)		(957		)		(451		)		(174		)		479				91			NM			(1,495		)		1,426				NM
Total risk management	(180		)		79				(142		)		42				151				NM			NM			(243		)		577				NM
Total net mortgage servicing revenue	353				739				536				571				807				(52	)		(56	)		1,628				2,598				(37	)
Mortgage fees and related income	$	839			$	1,819			$	1,450			$	2,031			$	2,376			(54	)		(65	)		$	4,108			$	6,649			(38	)
MORTGAGE PRODUCTION AND MORTGAGE SERVICING
SELECTED BALANCE SHEET DATA
Period-end loans:
Prime mortgage, including option ARMs (c)	$	15,571			$	15,567			$	17,257			$	17,290			$	17,153			-			(9	)		$	15,571			$	17,153			(9	)
Loans held-for-sale and loans at fair value (d)	10,447				15,274				16,277				18,801				15,250				(32	)		(31	)		10,447				15,250				(31	)
Average loans:
Prime mortgage, including option ARMs (c)	15,878				16,933				17,554				17,243				17,381				(6	)		(9	)		16,782				17,366				(3	)
Loans held-for-sale and loans at fair value (d)	14,060				18,199				21,181				19,076				17,879				(23	)		(21	)		17,787				17,068				4
Average assets	54,870				59,880				64,218				60,179				59,769				(8	)		(8	)		59,622				59,722				-
Repurchase liability (period-end)	1,945				2,245				2,430				2,530				2,779				(13	)		(30	)		1,945				2,779				(30	)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Prime mortgage, including option ARMs	$	2			$	5			$	4			$	14			$	4			(60	)		(50	)		$	11			$	5			120
Net charge-off rate:
Prime mortgage, including option ARMs	0.05			%	0.12			%	0.09			%	0.32			%	0.09			%							0.09			%	0.04			%
30+ day delinquency rate (e)	3.16				3.46				3.04				3.05				3.10										3.16				3.10
Nonperforming assets (f)	$	670			$	707			$	643			$	638			$	700			(5	)		(4	)		$	670			$	700			(4	)
BUSINESS METRICS (in billions)
Mortgage origination volume by channel
Retail	$	17.7			$	23.3			$	26.2			$	26.4			$	25.5			(24	)		(31	)		$	67.2			$	75.0			(10	)
Wholesale (g)	—				0.1				0.1				0.1				—				NM			-			0.2				0.2				-
Correspondent (g)	22.8				25.6				26.4				24.7				21.8				(11	)		5			74.8				54.4				38
Total mortgage origination volume (h)	$	40.5			$	49.0			$	52.7			$	51.2			$	47.3			(17	)		(14	)		$	142.2			$	129.6			10
Mortgage application volume by channel
Retail	$	20.7			$	36.8			$	34.7			$	36.7			$	44.7			(44	)		(54	)		$	92.2			$	127.8			(28	)
Wholesale (g)	—				—				0.2				0.2				0.2				-			NM			0.2				0.5				(60	)
Correspondent (g)	19.7				28.2				25.6				28.8				28.3				(30	)		(30	)		73.5				71.7				3
Total mortgage application volume	$	40.4			$	65.0			$	60.5			$	65.7			$	73.2			(38	)		(45	)		$	165.9			$	200.0			(17	)

(a) Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.

(b) Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).

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

(d) Predominantly consists 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 and Condensed Average Balance Sheets.

(e) At September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, excluded mortgage loans insured by U.S. government agencies of $10.0 billion,$11.2 billion, $11.9 billion, $11.8 billion and $12.1 billion, respectively, that are 30 or more days past due. These amounts were excluded as reimbursement of insured amounts is proceeding normally.

(f) At September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $8.9 billion, $10.1 billion, $10.9 billion, $10.6 billion and $11.0 billion, respectively, that are 90 or more days past due; and (2) real estate owned insured by U.S. government agencies of $1.9 billion, $1.8 billion, $1.7 billion, $1.6 billion and $1.5 billion, respectively. These amounts were excluded from nonaccrual loans as reimbursement of insured amounts is proceeding normally.

(g) Includes rural housing loans sourced through brokers and correspondents, which are underwritten and closed with pre-funding loan approval from the U.S. Department of Agriculture Rural Development, which acts as the guarantor in the transaction.

(h) Firmwide mortgage origination volume was $44.2 billion, $52.0 billion, $55.1 billion, $53.7 billion and $49.6 billion for the three months ended September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, and $151.3 billion and $136.1 billion for the nine months ended September 30, 2013 and 2012, respectively.

Page 14

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																										NINE MONTHS ENDED SEPTEMBER 30,
																					3Q13 Change														2013 Change
	3Q13				2Q13				1Q13				4Q12				3Q12				2Q13			3Q12			2013				2012				2012
MORTGAGE BANKING (continued)
MORTGAGE PRODUCTION AND MORTGAGE SERVICING
(continued)
BUSINESS METRICS (in billions)(continued)
Third-party mortgage loans serviced (period-end)	$	831.1			$	832.0			$	849.2			$	859.4			$	811.4			-		%	2		%	$	831.1			$	811.4			2		%
Third-party mortgage loans serviced (average)	831.5				840.6				854.3				803.8				825.7				(1	)		1			842.0				861.5				(2	)
MSR carrying value (period-end)	9.5				9.3				7.9				7.6				7.1				2			34			9.5				7.1				34
Ratio of MSR carrying value (period-end) to third-party mortgage
loans serviced (period-end)	1.14			%	1.12			%	0.93			%	0.88			%	0.88			%							1.14			%	0.88			%
Ratio of annualized loan servicing-related revenue to third-party
mortgage loans serviced (average)	0.38				0.41				0.42				0.45				0.46										0.40				0.46
MSR revenue multiple (a)	3.00		x		2.73		x		2.21		x		1.96		x		1.91		x								2.85		x		1.91		x
REAL ESTATE PORTFOLIOS
BUSINESS METRICS
Loans, excluding PCI loans
Period-end loans owned:
Home equity	$	59,825			$	62,326			$	64,798			$	67,385			$	69,686			(4	)		(14	)		$	59,825			$	69,686			(14	)
Prime mortgage, including option ARMs	47,958				44,003				41,997				41,316				41,404				9			16			47,958				41,404				16
Subprime mortgage	7,376				7,703				8,003				8,255				8,552				(4	)		(14	)		7,376				8,552				(14	)
Other	568				589				604				633				653				(4	)		(13	)		568				653				(13	)
Total period-end loans owned	$	115,727			$	114,621			$	115,402			$	117,589			$	120,295			1			(4	)		$	115,727			$	120,295			(4	)
Average loans owned:
Home equity	$	61,005			$	63,593			$	66,133			$	68,466			$	71,620			(4	)		(15	)		$	63,558			$	74,087			(14	)
Prime mortgage, including option ARMs	46,177				43,007				41,808				41,393				41,628				7			11			43,680				42,620				2
Subprime mortgage	7,529				7,840				8,140				8,413				8,774				(4	)		(14	)		7,834				9,126				(14	)
Other	579				597				619				643				665				(3	)		(13	)		598				686				(13	)
Total average loans owned	$	115,290			$	115,037			$	116,700			$	118,915			$	122,687			-			(6	)		$	115,670			$	126,519			(9	)
PCI loans
Period-end loans owned:
Home equity	$	19,411			$	19,992			$	20,525			$	20,971			$	21,432			(3	)		(9	)		$	19,411			$	21,432			(9	)
Prime mortgage	12,487				12,976				13,366				13,674				14,038				(4	)		(11	)		12,487				14,038				(11	)
Subprime mortgage	4,297				4,448				4,561				4,626				4,702				(3	)		(9	)		4,297				4,702				(9	)
Option ARMs	18,564				19,320				19,985				20,466				21,024				(4	)		(12	)		18,564				21,024				(12	)
Total period-end loans owned	$	54,759			$	56,736			$	58,437			$	59,737			$	61,196			(3	)		(11	)		$	54,759			$	61,196			(11	)
Average loans owned:
Home equity	$	19,677			$	20,245			$	20,745			$	21,184			$	21,620			(3	)		(9	)		$	20,218			$	22,060			(8	)
Prime mortgage	12,705				13,152				13,524				13,860				14,185				(3	)		(10	)		13,124				14,582				(10	)
Subprime mortgage	4,357				4,488				4,589				4,654				4,717				(3	)		(8	)		4,478				4,818				(7	)
Option ARMs	18,890				19,618				20,227				20,738				21,237				(4	)		(11	)		19,573				21,816				(10	)
Total average loans owned	$	55,629			$	57,503			$	59,085			$	60,436			$	61,759			(3	)		(10	)		$	57,393			$	63,276			(9	)
Total Real Estate Portfolios
Period-end loans owned:
Home equity	$	79,236			$	82,318			$	85,323			$	88,356			$	91,118			(4	)		(13	)		$	79,236			$	91,118			(13	)
Prime mortgage, including option ARMs	79,009				76,299				75,348				75,456				76,466				4			3			79,009				76,466				3
Subprime mortgage	11,673				12,151				12,564				12,881				13,254				(4	)		(12	)		11,673				13,254				(12	)
Other	568				589				604				633				653				(4	)		(13	)		568				653				(13	)
Total period-end loans owned	$	170,486			$	171,357			$	173,839			$	177,326			$	181,491			(1	)		(6	)		$	170,486			$	181,491			(6	)
Average loans owned:
Home equity	$	80,682			$	83,838			$	86,878			$	89,650			$	93,240			(4	)		(13	)		$	83,776			$	96,147			(13	)
Prime mortgage, including option ARMs	77,772				75,777				75,559				75,991				77,050				3			1			76,377				79,018				(3	)
Subprime mortgage	11,886				12,328				12,729				13,067				13,491				(4	)		(12	)		12,312				13,944				(12	)
Other	579				597				619				643				665				(3	)		(13	)		598				686				(13	)
Total average loans owned	$	170,919			$	172,540			$	175,785			$	179,351			$	184,446			(1	)		(7	)		$	173,063			$	189,795			(9	)
Average assets	163,001				163,593				166,373				169,375				173,613				-			(6	)		164,310				177,840				(8	)
Home equity origination volume	580				499				402				373				375				16			55			1,481				1,047				41

(a) Represents the ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of annualized loan servicing-related revenue to third-party mortgage loans serviced (average).

Page 15

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q13 Change												2013 Change
	3Q13				2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
MORTGAGE BANKING (continued)
REAL ESTATE PORTFOLIOS (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries), excluding PCI loans (a)
Home equity	$	218			$	236		$	333		$	257		$	1,120		(8	)	%	(81	)	%	$	787		$	2,128		(63	)	%
Prime mortgage, including option ARMs	(11		)		16			44			66			143			NM			NM			49			388			(87	)
Subprime mortgage	(4		)		33			67			92			152			NM			NM			96			394			(76	)
Other	1				3			4			2			5			(67	)		(80	)		8			14			(43	)
Total net charge-offs/(recoveries), excluding PCI loans	$	204			$	288		$	448		$	417		$	1,420		(29	)		(86	)		$	940		$	2,924		(68	)
Net charge-off/(recovery) rate, excluding PCI loans (a)
Home equity	1.42			%	1.49		%	2.04		%	1.49		%	6.22		%							1.66		%	3.84		%
Prime mortgage, including option ARMs	(0.09		)		0.15			0.43			0.63			1.37									0.15			1.22
Subprime mortgage	(0.21		)		1.69			3.34			4.35			6.89									1.64			5.77
Other	0.69				2.02			2.62			1.24			2.99									1.79			2.73
Total net charge-off/(recovery) rate, excluding PCI loans	0.70				1.00			1.56			1.40			4.60									1.09			3.09
Net charge-off/(recovery) rate - reported (a)
Home equity	1.07			%	1.13		%	1.55		%	1.14		%	4.78		%							1.26		%	2.96		%
Prime mortgage, including option ARMs	(0.06		)		0.08			0.24			0.35			0.74									0.09			0.66
Subprime mortgage	(0.13		)		1.07			2.13			2.80			4.48									1.04			3.77
Other	0.69				2.02			2.62			1.24			2.99									1.79			2.73
Total net charge-off/(recovery) rate - reported	0.47				0.67			1.03			0.92			3.06									0.73			2.06
30+ day delinquency rate, excluding PCI loans (b)	3.81			%	4.17		%	4.61		%	5.03		%	5.12		%							3.81		%	5.12		%
Allowance for loan losses, excluding PCI loans	$	2,768			$	3,268		$	4,218		$	4,868		$	5,568		(15	)		(50	)		$	2,768		$	5,568		(50	)
Allowance for PCI loans	4,961				5,711			5,711			5,711			5,711			(13	)		(13	)		4,961			5,711			(13	)
Allowance for loan losses	$	7,729			$	8,979		$	9,929		$	10,579		$	11,279		(14	)		(31	)		$	7,729		$	11,279		(31	)
Nonperforming assets (c)	7,385				7,801			8,349			8,439			8,669			(5	)		(15	)		7,385			8,669			(15	)
Allowance for loan losses to period-end loans retained	4.53			%	5.24		%	5.71		%	5.97		%	6.21		%							4.53		%	6.21		%
Allowance for loan losses to period-end loans retained,
excluding PCI loans	2.39				2.85			3.66			4.14			4.63									2.39			4.63

(a) Net charge-offs and net charge-off rates for the three months ended September 30, 2012 included $825 million of charge-offs of Chapter 7 loans. Excluding these charges-offs, net charge-offs for the three months ended September 30, 2012 would have been $402 million, $97 million and $91 million for the home equity, prime mortgage, including option ARMs, and subprime mortgage portfolios, respectively. Net charge-off rates for the same period, excluding these charge-offs and PCI loans, would have been 2.23%, 0.93% and 4.13% for the home equity, prime mortgage, including option ARMs, and subprime mortgage portfolios, respectively. For further information, see Consumer Credit Portfolio on pages 140-142 of JPMorgan Chase's 2012 Annual Report.

(b) The 30+ day delinquency rate for PCI loans was 16.19%, 17.92%, 19.26%, 20.14% and 20.65% at September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively.

(c) Excludes PCI loans. Because the Firm is recognizing interest income on each pool of PCI loans, they are all considered to be performing.

Page 16

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q13 Change												2013 Change
	3Q13			2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
CARD, MERCHANT SERVICES & AUTO
Card income	$	1,075		$	1,067		$	1,013		$	1,097		$	1,032		1		%	4		%	$	3,155		$	2,995		5		%
All other income	263			261			245			227			248			1			6			769			782			(2	)
Noninterest revenue	1,338			1,328			1,258			1,324			1,280			1			5			3,924			3,777			4
Net interest income	3,294			3,342			3,462			3,484			3,443			(1	)		(4	)		10,098			10,185			(1	)
Total net revenue	4,632			4,670			4,720			4,808			4,723			(1	)		(2	)		14,022			13,962			-
Provision for credit losses	673			564			686			1,250			1,231			19			(45	)		1,923			2,703			(29	)
Noninterest expense	1,917			1,988			1,943			2,171			1,920			(4	)		-			5,848			6,045			(3	)
Income before income tax expense	2,042			2,118			2,091			1,387			1,572			(4	)		30			6,251			5,214			20
Net income	$	1,235		$	1,249		$	1,272		$	840		$	954		(1	)		29			$	3,756		$	3,167		19
ROE	32		%	32		%	33		%	20		%	23		%							32		%	26		%
Overhead ratio	41			43			41			45			41									42			43
Equity (period-end and average)	$	15,500		$	15,500		$	15,500		$	16,500		$	16,500		-			(6	)		$	15,500		$	16,500		(6	)
SELECTED BALANCE SHEET DATA (period-end)
Loans:
Credit Card	$	123,982		$	124,288		$	121,865		$	127,993		$	124,537		-			-			$	123,982		$	124,537		-
Auto	50,810			50,865			50,552			49,913			48,920			-			4			50,810			48,920			4
Student	10,777			11,040			11,323			11,558			11,868			(2	)		(9	)		10,777			11,868			(9	)
Total loans	$	185,569		$	186,193		$	183,740		$	189,464		$	185,325		-			-			$	185,569		$	185,325		-
SELECTED BALANCE SHEET DATA (average)
Total assets	$	198,702		$	196,921		$	196,634		$	197,606		$	196,302		1			1			$	197,427		$	197,679		-
Loans:
Credit Card	123,912			122,855			123,564			124,729			124,339			1			-			123,445			125,712			(2	)
Auto	50,432			50,677			50,045			49,268			48,399			-			4			50,386			48,126			5
Student	10,907			11,172			11,459			11,710			12,037			(2	)		(9	)		11,178			12,774			(12	)
Total loans	$	185,251		$	184,704		$	185,068		$	185,707		$	184,775		-			-			$	185,009		$	186,612		(1	)
BUSINESS METRICS
Credit Card, excluding Commercial Card
Sales volume (in billions)	$	107.0		$	105.2		$	94.7		$	101.6		$	96.6		2			11			$	306.9		$	279.5		10
New accounts opened	1.7			1.5			1.7			1.8			1.6			13			6			4.9			4.9			-
Open accounts	65.0			64.8			64.7			64.5			63.9			-			2			65.0			63.9			2
Accounts with sales activity	30.0			30.0			29.4			30.6			29.1			-			3			30.0			29.1			3
% of accounts acquired online	53		%	53		%	52		%	58		%	52		%							53		%	49		%
Merchant Services (Chase Paymentech Solutions)
Merchant processing volume (in billions)	$	185.9		$	185.0		$	175.8		$	178.6		$	163.6		-			14			$	546.7		$	476.6		15
Total transactions (in billions)	8.9			8.8			8.3			8.2			7.4			1			20			26.0			21.3			22
Auto & Student
Origination volume (in billions)
Auto	$	6.4		$	6.8		$	6.5		$	5.5		$	6.3		(6	)		2			$	19.7		$	17.9		10
Student	—			—			0.1			—			0.1			-			NM			0.1			0.2			(50	)

Page 17

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q13 Change												2013 Change
	3Q13			2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
CARD, MERCHANT SERVICES & AUTO (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Credit Card	$	892		$	1,014		$	1,082		$	1,097		$	1,116		(12	)	%	(20	)	%	$	2,988		$	3,847		(22	)	%
Auto (a)	44			23			40			44			90			91			(51	)		107			144			(26	)
Student	88			77			64			109			80			14			10			229			268			(15	)
Total net charge-offs	1,024			1,114			1,186			1,250			1,286			(8	)		(20	)		3,324			4,259			(22	)
Net charge-off rate:
Credit Card (b)	2.86		%	3.31		%	3.55		%	3.50		%	3.57		%							3.24		%	4.11		%
Auto (a)	0.35			0.18			0.32			0.36			0.74									0.28			0.40
Student	3.20			2.76			2.27			3.70			2.64									2.74			2.80
Total net charge-off rate	2.19			2.42			2.60			2.68			2.77									2.40			3.06
Delinquency rates
30+ day delinquency rate:
Credit Card (c)	1.69			1.69			1.94			2.10			2.15									1.69			2.15
Auto	0.93			0.95			0.92			1.25			1.11									0.93			1.11
Student (d)	2.60			2.23			2.06			2.13			2.38									2.60			2.38
Total 30+ day delinquency rate	1.53			1.52			1.67			1.87			1.89									1.53			1.89
90+ day delinquency rate - Credit Card (c)	0.79			0.82			0.97			1.02			0.99									0.79			0.99
Nonperforming assets (e)	$	239		$	243		$	251		$	265		$	284		(2	)		(16	)		$	239		$	284		(16	)
Allowance for loan losses:
Credit Card	4,097			4,445			4,998			5,501			5,503			(8	)		(26	)		4,097			5,503			(26	)
Auto & Student	953			954			954			954			954			-			-			953			954			-
Total allowance for loan losses	5,050			5,399			5,952			6,455			6,457			(6	)		(22	)		5,050			6,457			(22	)
Allowance for loan losses to period-end loans:
Credit Card (c)	3.31		%	3.58		%	4.10		%	4.30		%	4.42		%							3.31		%	4.42		%
Auto & Student	1.55			1.54			1.54			1.55			1.57									1.55			1.57
Total allowance for loan losses to period-end loans	2.73			2.90			3.24			3.41			3.49									2.73			3.49
CARD SERVICES SUPPLEMENTAL INFORMATION
Noninterest revenue	$	994		$	994		$	938		$	1,014		$	971		-			2			$	2,926		$	2,873		2
Net interest income	2,824			2,863			2,970			3,005			2,923			(1	)		(3	)		8,657			8,606			1
Total net revenue	3,818			3,857			3,908			4,019			3,894			(1	)		(2	)		11,583			11,479			1
Provision for credit losses	542			464			582			1,097			1,116			17			(51	)		1,588			2,347			(32	)
Noninterest expense	1,458			1,537			1,501			1,710			1,517			(5	)		(4	)		4,496			4,856			(7	)
Income before income tax expense	1,818			1,856			1,825			1,212			1,261			(2	)		44			5,499			4,276			29
Net income	$	1,102		$	1,093		$	1,113		$	736		$	769		1			43			$	3,308		$	2,608		27
Percentage of average loans:
Noninterest revenue	3.18		%	3.25		%	3.08		%	3.23		%	3.11		%							3.17		%	3.05		%
Net interest income	9.04			9.35			9.75			9.58			9.35									9.38			9.14
Total net revenue	12.22			12.59			12.83			12.82			12.46									12.55			12.20

(a) Net charge-offs and net charge-off rate for the three months ended September 30, 2012 included $55 million of charge-offs of Chapter 7 loans. Excluding these incremental charge-offs, net charge-offs for the three months ended September 30, 2012 would have been $35 million, and the net charge-off rate for the same period would have been 0.29%.

(b) Average credit card loans included loans held-for-sale of $67 million, $28 million and $109 million for the three months ended September 30, 2013, December 31, 2012 and September 30, 2012, respectively, and $23 million and $569 million for the nine months ended September 30, 2013 and September 30, 2012, respectively. These amounts are excluded when calculating the net charge-off rate. There were no loans held-for-sale for the three months ended June 30, 2013 and March 31, 2013.

(c) Period-end credit card loans included loans held-for-sale of $310 million and $106 million at September 30, 2013 and September 30, 2012, respectively. These amounts are excluded when calculating delinquency rates and the allowance for loan losses to period-end loans. There were no loans held-for-sale at June 30, 2013, March 31, 2013 and December 31, 2012.

(d) Excluded student loans insured by U.S. government agencies under the FFELP of $769 million, $812 million, $881 million, $894 million and $910 million at September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, that are 30 or more days past due. These amounts are excluded as reimbursement of insured amounts is proceeding normally.

(e) Nonperforming assets excluded student loans insured by U.S. government agencies under the FFELP of $456 million, $488 million, $523 million, $525 million and $536 million at September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, that are 90 or more days past due. These amounts are excluded as reimbursement of insured amounts is proceeding normally.

Page 18

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																									NINE MONTHS ENDED SEPTEMBER 30,
																				3Q13 Change														2013 Change
	3Q13				2Q13				1Q13			4Q12				3Q12				2Q13			3Q12			2013				2012				2012
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,510			$	1,717			$	1,433		$	1,720			$	1,429			(12	)	%	6		%	$	4,660			$	4,049			15		%
Principal transactions (a)	2,202				3,288				3,961			966				2,263				(33	)		(3	)		9,451				8,544				11
Lending- and deposit-related fees	471				486				473			499				486				(3	)		(3	)		1,430				1,449				(1	)
Asset management, administration and commissions	1,128				1,289				1,167			1,163				1,104				(12	)		2			3,584				3,530				2
All other income	392				391				323			435				290				-			35			1,106				749				48
Noninterest revenue	5,703				7,171				7,357			4,783				5,572				(20	)		2			20,231				18,321				10
Net interest income	2,486				2,705				2,783			2,859				2,788				(8	)		(11	)		7,974				8,363				(5	)
TOTAL NET REVENUE (b)	8,189				9,876				10,140			7,642				8,360				(17	)		(2	)		28,205				26,684				6
Provision for credit losses	(218		)		(6		)		11			(445		)		(60		)		NM			(263	)		(213		)		(34		)		NM
NONINTEREST EXPENSE
Compensation expense	2,330				2,988				3,376			2,217				2,755				(22	)		(15	)		8,694				9,096				(4	)
Noncompensation expense	2,669				2,754				2,735			2,779				2,595				(3	)		3			8,158				7,758				5
TOTAL NONINTEREST EXPENSE	4,999				5,742				6,111			4,996				5,350				(13	)		(7	)		16,852				16,854				-
Income before income tax expense	3,408				4,140				4,018			3,091				3,070				(18	)		11			11,566				9,864				17
Income tax expense	1,168				1,302				1,408			1,086				1,078				(10	)		8			3,878				3,463				12
NET INCOME	$	2,240			$	2,838			$	2,610		$	2,005			$	1,992			(21	)		12			$	7,688			$	6,401			20
FINANCIAL RATIOS
ROE (c)	16			%	20			%	19		%	17			%	17			%							18			%	18			%
Overhead ratio	61				58				60			65				64										60				63
Compensation expense as a percent of total net revenue (d)	28				30				33			29				33										31				34
REVENUE BY BUSINESS
Advisory	$	322			$	304			$	255		$	465			$	389			6			(17	)		$	881			$	1,026			(14	)
Equity underwriting	333				457				273			265				235				(27	)		42			1,063				761				40
Debt underwriting	855				956				905			990				805				(11	)		6			2,716				2,262				20
Total investment banking fees	1,510				1,717				1,433			1,720				1,429				(12	)		6			4,660				4,049				15
Treasury Services	1,053				1,051				1,044			1,059				1,064				-			(1	)		3,148				3,190				(1	)
Lending	351				373				498			382				357				(6	)		(2	)		1,222				949				29
Total Banking	2,914				3,141				2,975			3,161				2,850				(7	)		2			9,030				8,188				10
Fixed Income Markets (e)	3,439				4,078				4,752			3,177				3,726				(16	)		(8	)		12,269				12,235				-
Equity Markets	1,249				1,296				1,340			895				1,044				(4	)		20			3,885				3,511				11
Securities Services	996				1,087				974			995				965				(8	)		3			3,057				3,005				2
Credit Adjustments & Other (a)(f)	(409		)		274				99			(586		)		(225		)		NM			(82	)		(36		)		(255		)		86
Total Markets & Investor Services	5,275				6,735				7,165			4,481				5,510				(22	)		(4	)		19,175				18,496				4
TOTAL NET REVENUE	$	8,189			$	9,876			$	10,140		$	7,642			$	8,360			(17	)		(2	)		$	28,205			$	26,684			6

(a) Included debit valuation adjustments (“DVA”) on structured notes and derivative liabilities measured at fair value. DVA gains/(losses) were ($397) million, $355 million, $126 million, ($567) million and ($211) million for the three months ended September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, and $84 million and ($363) million for the nine months ended September 30, 2013 and 2012, respectively.

(b) 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 $537 million, $550 million, $529 million, $533 million and $492 million for the three months ended September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, and $1.6 billion and $1.5 billion for the nine months ended September 30, 2013 and 2012, respectively.

(c) Return on equity excluding DVA, a non-GAAP financial measure, was 17%, 19%, 18%, 20% and 18% for the three months ended September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, and 18% and 19% for the nine months ended September 30, 2013 and 2012, respectively. For additional information on this measure, see non-GAAP financial measures on page 42.

(d) Compensation expense as a percentage of total net revenue excluding DVA, a non-GAAP financial measure, was 27%, 31%, 34%, 27% and 32% for the three months ended September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, and 31% and 34% for the nine months ended September 30, 2013 and 2012, respectively. For additional information on this measure, see non-GAAP financial measures on page 42.

(e) Includes results of the synthetic credit portfolio that was transferred from the Chief Investment Office ("CIO") effective July 2, 2012.

(f) Primarily includes credit portfolio credit valuation adjustments (“CVA”) net of associated hedging activities; DVA on structured notes and derivative liabilities; and nonperforming derivative receivable results.

Page 19

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																									NINE MONTHS ENDED SEPTEMBER 30,
																				3Q13 Change														2013 Change
	3Q13				2Q13				1Q13			4Q12				3Q12				2Q13			3Q12			2013				2012				2012
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	867,474			$	873,527			$	872,259		$	876,107			$	904,090			(1	)	%	(4	)	%	$	867,474			$	904,090			(4	)	%
Loans:
Loans retained (a)	104,269				106,248				112,005			109,501				107,903				(2	)		(3	)		104,269				107,903				(3	)
Loans held-for-sale and loans at fair value	3,687				4,564				5,506			5,749				3,899				(19	)		(5	)		3,687				3,899				(5	)
Total loans	107,956				110,812				117,511			115,250				111,802				(3	)		(3	)		107,956				111,802				(3	)
Equity	56,500				56,500				56,500			47,500				47,500				-			19			56,500				47,500				19
SELECTED BALANCE SHEET DATA (average)
Assets	$	838,158			$	878,801			$	870,467		$	863,890			$	841,678			(5	)		-			$	862,357			$	851,574			1
Trading assets - debt and equity instruments	300,135				336,118				342,323			333,764				296,811				(11	)		1			326,037				305,953				7
Trading assets - derivative receivables	70,814				72,036				71,111			73,519				74,812				(2	)		(5	)		71,319				75,329				(5	)
Loans:
Loans retained (a)	103,179				107,654				106,793			109,037				111,263				(4	)		(7	)		105,862				110,457				(4	)
Loans held-for-sale and loans at fair value	5,113				5,950				5,254			5,065				2,809				(14	)		82			5,438				2,977				83
Total loans	108,292				113,604				112,047			114,102				114,072				(5	)		(5	)		111,300				113,434				(2	)
Equity	56,500				56,500				56,500			47,500				47,500				-			19			56,500				47,500				19
Headcount	52,445				51,771				51,634			52,022				52,226				1			-			52,445				52,226				-
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	(4	)		$	(82	)		$	19		$	(217	)		$	(22	)		95			82			$	(67	)		$	(67	)		-
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)(b)	176				227				340			535				588				(22	)		(70	)		176				588				(70	)
Nonaccrual loans held-for-sale and loans at fair value	61				148				104			82				213				(59	)		(71	)		61				213				(71	)
Total nonaccrual loans	237				375				444			617				801				(37	)		(70	)		237				801				(70	)
Derivative receivables	431				448				412			239				282				(4	)		53			431				282				53
Assets acquired in loan satisfactions	38				46				55			64				77				(17	)		(51	)		38				77				(51	)
Total nonperforming assets	706				869				911			920				1,160				(19	)		(39	)		706				1,160				(39	)
Allowance for credit losses:
Allowance for loan losses	1,138				1,287				1,246			1,300				1,459				(12	)		(22	)		1,138				1,459				(22	)
Allowance for lending-related commitments	490				556				521			473				544				(12	)		(10	)		490				544				(10	)
Total allowance for credit losses	1,628				1,843				1,767			1,773				2,003				(12	)		(19	)		1,628				2,003				(19	)
Net charge-off/(recovery) rate (a)	(0.02		)	%	(0.31		)	%	0.07		%	(0.79		)	%	(0.08		)	%							(0.08		)	%	(0.08		)	%
Allowance for loan losses to period-end loans retained (a)	1.09				1.21				1.11			1.19				1.35										1.09				1.35
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (c)	2.01				2.35				2.17			2.52				2.92										2.01				2.92
Allowance for loan losses to nonaccrual loans retained (a)(b)	647				567				366			243				248										647				248
Nonaccrual loans to total period-end loans	0.22				0.34				0.38			0.54				0.72										0.22				0.72

(a) Loans retained includes credit portfolio loans, trade finance loans, other held-for-investment loans and overdrafts.

(b) Allowance for loan losses of $56 million, $70 million, $73 million, $153 million and $178 million were held against these nonaccrual loans at September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively.

(c) Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, as it is a more relevant metric to reflect the allowance coverage of the retained loan portfolio.

Page 20

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except rankings data and where otherwise noted)
	QUARTERLY TRENDS																		NINE MONTHS ENDED SEPTEMBER 30,
													3Q13 Change										2013 Change
	3Q13			2Q13		1Q13		4Q12			3Q12		2Q13			3Q12			2013		2012		2012
BUSINESS METRICS
Assets under custody ("AUC") by asset class (period-end)
(in billions):
Fixed Income	$	11,691		$	11,421	$	11,730	$	11,745		$	11,545	2		%	1		%	$	11,691	$	11,545	1		%
Equity	6,473			5,961		6,007		5,637			5,328		9			21			6,473		5,328		21
Other (a)	1,572			1,547		1,557		1,453			1,346		2			17			1,572		1,346		17
Total AUC	$	19,736		$	18,929	$	19,294	$	18,835		$	18,219	4			8			$	19,736	$	18,219	8
Client deposits and other third-party liabilities (average)	385,952			369,108		357,262		366,544			351,383		5			10			370,879		352,147		5
Trade finance loans (period-end)	34,356			36,375		38,985		35,783			35,142		(6	)		(2	)		34,356		35,142		(2	)
	SEPTEMBER 30, 2013							FULL YEAR 2012
MARKET SHARES AND RANKINGS (b)	Market Share			Rankings				Market Share			Rankings
Global investment banking fees (c)	8.8		%	#1				7.5		%	#1
Debt, equity and equity-related
Global	7.4			1				7.2			1
U.S.	11.8			1				11.5			1
Syndicated loans
Global	9.9			1				9.6			1
U.S.	17.7			1				17.6			1
Long-term debt (d)
Global	7.3			1				7.1			1
U.S.	11.7			1				11.6			1
Equity and equity-related
Global (e)	8.2			2				7.8			4
U.S.	12.1			2				10.4			5
Announced M&A (f)
Global	27.2			2				19.9			2
U.S.	39.8			2				24.5			2

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

(b) Source: Dealogic. Global investment banking fees reflects the ranking of fees and market share. The remaining rankings reflects transaction volume 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.

(c) Global investment banking fees rankings exclude money market, short-term debt and shelf deals.

(d) Long-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.

(e) Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.

(f) Announced M&A reflects the removal of any withdrawn transactions. U.S. announced M&A represents any U.S. involvement ranking.

Page 21

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS																NINE MONTHS ENDED SEPTEMBER 30,
											3Q13 Change										2013 Change
INTERNATIONAL METRICS	3Q13		2Q13		1Q13		4Q12		3Q12		2Q13			3Q12			2013		2012		2012
Total net revenue (a)
Europe/Middle East/Africa	$	2,550	$	2,955	$	3,383	$	2,261	$	2,443	(14	)	%	4		%	$	8,888	$	8,378	6		%
Asia/Pacific	1,295		1,403		1,165		939		1,031		(8	)		26			3,863		3,161		22
Latin America/Caribbean	264		397		400		337		392		(34	)		(33	)		1,061		1,187		(11	)
Total international net revenue	4,109		4,755		4,948		3,537		3,866		(14	)		6			13,812		12,726		9
North America	4,080		5,121		5,192		4,105		4,494		(20	)		(9	)		14,393		13,958		3
Total net revenue	$	8,189	$	9,876	$	10,140	$	7,642	$	8,360	(17	)		(2	)		$	28,205	$	26,684	6
Loans (period-end) (a)
Europe/Middle East/Africa	$	30,495	$	32,685	$	33,674	$	30,266	$	27,866	(7	)		9			$	30,495	$	27,866	9
Asia/Pacific	26,653		26,616		29,908		27,193		27,215		-			(2	)		26,653		27,215		(2	)
Latin America/Caribbean	9,172		10,434		10,308		10,220		9,730		(12	)		(6	)		9,172		9,730		(6	)
Total international loans	66,320		69,735		73,890		67,679		64,811		(5	)		2			66,320		64,811		2
North America	37,949		36,513		38,115		41,822		43,092		4			(12	)		37,949		43,092		(12	)
Total loans	$	104,269	$	106,248	$	112,005	$	109,501	$	107,903	(2	)		(3	)		$	104,269	$	107,903	(3	)
Client deposits and other third-party liabilities (average) (a)
Europe/Middle East/Africa	$	146,685	$	139,801	$	134,339	$	128,620	$	125,720	5			17			$	140,320	$	126,891	11
Asia/Pacific	51,895		51,666		51,996		53,309		50,862		-			2			51,852		50,465		3
Latin America/Caribbean	15,760		15,012		12,180		11,766		10,141		5			55			14,331		10,813		33
Total international	214,340		206,479		198,515		193,695		186,723		4			15			206,503		188,169		10
North America	171,612		162,629		158,747		172,849		164,660		6			4			164,376		163,978		-
Total client deposits and other third-party liabilities	$	385,952	$	369,108	$	357,262	$	366,544	$	351,383	5			10			$	370,879	$	352,147	5
AUC (period-end) (in billions) (a)
North America	$	10,939	$	10,672	$	10,788	$	10,504	$	10,206	3			7			$	10,939	$	10,206	7
All other regions	8,797		8,257		8,506		8,331		8,013		7			10			8,797		8,013		10
Total AUC	$	19,736	$	18,929	$	19,294	$	18,835	$	18,219	4			8			$	19,736	$	18,219	8

(a) Total net revenue is based predominantly on the domicile of the client or location of the trading desk, as applicable. Loans outstanding (excluding loans held-for-sale and loans at fair value), client deposits and other third-party liabilities, and AUC are based predominantly on the domicile of the client.

Page 22

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																								NINE MONTHS ENDED SEPTEMBER 30,
																			3Q13 Change												2013 Change
	3Q13				2Q13			1Q13			4Q12				3Q12				2Q13			3Q12			2013			2012			2012
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	256			$	265		$	259		$	269			$	263			(3	)	%	(3	)	%	$	780		$	803		(3	)	%
Asset management, administration and commissions	28				30			32			30				30				(7	)		(7	)		90			100			(10	)
All other income (a)	304				256			244			279				293				19			4			804			802			-
Noninterest revenue	588				551			535			578				586				7			-			1,674			1,705			(2	)
Net interest income	1,137				1,177			1,138			1,167				1,146				(3	)		(1	)		3,452			3,375			2
TOTAL NET REVENUE (b)	1,725				1,728			1,673			1,745				1,732				-			-			5,126			5,080			1
Provision for credit losses	(41		)		44			39			(3		)		(16		)		NM			(156	)		42			44			(5	)
NONINTEREST EXPENSE
Compensation expense	288				286			289			250				263				1			10			863			764			13
Noncompensation expense	367				361			348			342				332				2			11			1,076			1,006			7
Amortization of intangibles	6				5			7			7				6				20			-			18			20			(10	)
TOTAL NONINTEREST EXPENSE	661				652			644			599				601				1			10			1,957			1,790			9
Income before income tax expense	1,105				1,032			990			1,149				1,147				7			(4	)		3,127			3,246			(4	)
Income tax expense	440				411			394			457				457				7			(4	)		1,245			1,292			(4	)
NET INCOME	$	665			$	621		$	596		$	692			$	690			7			(4	)		$	1,882		$	1,954		(4	)
Revenue by product:
Lending	$	922			$	971		$	924		$	947			$	916			(5	)		1			$	2,817		$	2,728		3
Treasury services	605				607			605			614				609				-			(1	)		1,817			1,814			-
Investment banking	155				132			118			157				139				17			12			405			388			4
Other (c)	43				18			26			27				68				139			(37	)		87			150			(42	)
Total Commercial Banking revenue	$	1,725			$	1,728		$	1,673		$	1,745			$	1,732			-			-			$	5,126		$	5,080		1
Investment banking revenue, gross (d)	$	448			$	385		$	341		$	443			$	431			16			4			$	1,174		$	1,154		2
Revenue by client segment:
Middle Market Banking (e)	$	745			$	777		$	753		$	752			$	748			(4	)		-			$	2,275		$	2,219		3
Corporate Client Banking (e)	459				444			433			492				460				3			-			1,336			1,327			1
Commercial Term Lending	311				315			291			312				298				(1	)		4			917			882			4
Real Estate Banking	118				113			112			113				106				4			11			343			325			6
Other	92				79			84			76				120				16			(23	)		255			327			(22	)
Total Commercial Banking revenue	$	1,725			$	1,728		$	1,673		$	1,745			$	1,732			-			-			$	5,126		$	5,080		1
FINANCIAL RATIOS
ROE	20			%	18		%	18		%	29			%	29			%							19		%	27		%
Overhead ratio	38				38			38			34				35										38			35

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

(b) Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities that provide loans to qualified businesses in low-income communities, as well as tax-exempt income from municipal bond activity of $95 million, $90 million, $93 million, $73 million and $115 million for the three months ended September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, and $278 million and $308 million for the nine months ended September 30, 2013 and 2012, respectively.

(c) Other revenue in the fourth quarter of 2012 included a $49 million year-to-date reclassification of tax equivalent revenue to Corporate/Private Equity.

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

(e) Effective January 1, 2013, the financial results of financial institution clients were transferred to Corporate Client Banking from Middle Market Banking. Prior periods were revised to conform with this presentation.

Page 23

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
	QUARTERLY TRENDS																							NINE MONTHS ENDED SEPTEMBER 30,
																		3Q13 Change													2013 Change
	3Q13			2Q13			1Q13				4Q12			3Q12				2Q13			3Q12			2013			2012				2012
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	192,194		$	184,124		$	184,689			$	181,502		$	168,124			4		%	14		%	$	192,194		$	168,124			14		%
Loans:
Loans retained (a)	133,090			130,487			129,534				126,996			123,173				2			8			133,090			123,173				8
Loans held-for-sale and loans at fair value	2,071			430			851				1,212			549				382			277			2,071			549				277
Total loans	$	135,161		$	130,917		$	130,385			$	128,208		$	123,722			3			9			$	135,161		$	123,722			9
Equity	13,500			13,500			13,500				9,500			9,500				-			42			13,500			9,500				42
Period-end loans by client segment:
Middle Market Banking (b)	$	52,214		$	52,053		$	52,296			$	50,552		$	48,616			-			7			$	52,214		$	48,616			7
Corporate Client Banking (b)	21,425			19,933			20,962				21,707			19,963				7			7			21,425			19,963				7
Commercial Term Lending	47,612			45,865			44,374				43,512			42,304				4			13			47,612			42,304				13
Real Estate Banking	10,057			9,395			9,003				8,552			8,563				7			17			10,057			8,563				17
Other	3,853			3,671			3,750				3,885			4,276				5			(10	)		3,853			4,276				(10	)
Total Commercial Banking loans	$	135,161		$	130,917		$	130,385			$	128,208		$	123,722			3			9			$	135,161		$	123,722			9
SELECTED BALANCE SHEET DATA (average)
Total assets	$	185,744		$	184,951		$	182,620			$	171,184		$	164,702			-			13			$	184,450		$	163,072			13
Loans:
Loans retained (a)	131,019			130,338			128,490				124,507			121,566				1			8			129,958			117,442				11
Loans held-for-sale and loans at fair value	599			1,251			800				1,491			552				(52	)		9			883			677				30
Total loans	$	131,618		$	131,589		$	129,290			$	125,998		$	122,118			-			8			$	130,841		$	118,119			11
Client deposits and other third-party liabilities	196,802			195,232			195,968				199,297			190,910				1			3			196,004			194,775				1
Equity	13,500			13,500			13,500				9,500			9,500				-			42			13,500			9,500				42
Average loans by client segment:
Middle Market Banking (b)	$	51,379		$	52,205		$	52,013			$	48,953		$	47,547			(2	)		8			$	51,863		$	46,356			12
Corporate Client Banking (b)	20,261			21,344			21,061				21,755			19,985				(5	)		1			20,886			18,839				11
Commercial Term Lending	46,656			45,087			43,845				42,890			41,658				3			12			45,206			40,194				12
Real Estate Banking	9,675			9,277			8,677				8,450			8,651				4			12			9,213			8,600				7
Other	3,647			3,676			3,694				3,950			4,277				(1	)		(15	)		3,673			4,130				(11	)
Total Commercial Banking loans	$	131,618		$	131,589		$	129,290			$	125,998		$	122,118			-			8			$	130,841		$	118,119			11
Headcount (c)	6,761			6,660			6,511				6,117			6,092				2			11			6,761			6,092				11
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	16		$	9		$	(7	)		$	50		$	(18	)		78			NM			$	18		$	(15	)		NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (d)	558			505			643				644			843				10			(34	)		558			843				(34	)
Nonaccrual loans held-for-sale and loans
at fair value	8			8			26				29			33				-			(76	)		8			33				(76	)
Total nonaccrual loans	566			513			669				673			876				10			(35	)		566			876				(35	)
Assets acquired in loan satisfactions	19			30			12				14			32				(37	)		(41	)		19			32				(41	)
Total nonperforming assets	585			543			681				687			908				8			(36	)		585			908				(36	)
Allowance for credit losses:
Allowance for loan losses	2,647			2,691			2,656				2,610			2,653				(2	)		-			2,647			2,653				-
Allowance for lending-related commitments	171			183			183				183			196				(7	)		(13	)		171			196				(13	)
Total allowance for credit losses	2,818			2,874			2,839				2,793			2,849				(2	)		(1	)		2,818			2,849				(1	)
Net charge-off/(recovery) rate (e)	0.05		%	0.03		%	(0.02		)	%	0.16		%	(0.06		)	%							0.02		%	(0.02		)	%
Allowance for loan losses to period-end loans retained	1.99			2.06			2.05				2.06			2.15										1.99			2.15
Allowance for loan losses to nonaccrual loans retained (d)	474			533			413				405			315										474			315
Nonaccrual loans to total period-end loans	0.42			0.39			0.51				0.52			0.71										0.42			0.71

(a) Effective January 1, 2013, whole loan financing agreements, previously reported as other assets, were reclassified as loans. For the three months ended September 30, 2013, June 30, 2013 and March 31, 2013, the impact on period-end loans was $1.6 billion, $2.1 billion and $1.7 billion, respectively, and the impact on average loans was $1.7 billion, $1.8 billion and $1.6 billion, respectively.

(b) Effective January 1, 2013, the financial results of financial institution clients were transferred to Corporate Client Banking from Middle Market Banking. Prior periods were revised to conform with this presentation.

(c) Effective January 1, 2013, headcount includes transfers from other business segments largely related to operations, technology and other support staff.

(d) Allowance for loan losses of $102 million, $79 million, $99 million, $107 million and $148 million was held against nonaccrual loans retained at September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively.

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

Page 24

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q13 Change												2013 Change
	3Q13			2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,017		$	2,018		$	1,883		$	2,011		$	1,708		-		%	18		%	$	5,918		$	5,030		18		%
All other income	168			138			211			190			199			22			(16	)		517			616			(16	)
Noninterest revenue	2,185			2,156			2,094			2,201			1,907			1			15			6,435			5,646			14
Net interest income	578			569			559			552			552			2			5			1,706			1,547			10
TOTAL NET REVENUE	2,763			2,725			2,653			2,753			2,459			1			12			8,141			7,193			13
Provision for credit losses	—			23			21			19			14			NM			NM			44			67			(34	)
NONINTEREST EXPENSE
Compensation expense	1,207			1,155			1,170			1,178			1,083			5			11			3,532			3,227			9
Noncompensation expense	774			716			684			742			625			8			24			2,174			1,866			17
Amortization of intangibles	22			21			22			23			23			5			(4	)		65			68			(4	)
TOTAL NONINTEREST EXPENSE	2,003			1,892			1,876			1,943			1,731			6			16			5,771			5,161			12
Income before income tax expense	760			810			756			791			714			(6	)		6			2,326			1,965			18
Income tax expense	284			310			269			308			271			(8	)		5			863			745			16
NET INCOME	$	476		$	500		$	487		$	483		$	443		(5	)		7			$	1,463		$	1,220		20
REVENUE BY CLIENT SEGMENT
Private Banking	$	1,488		$	1,483		$	1,446		$	1,441		$	1,365		-			9			$	4,417		$	3,985		11
Institutional	553			588			589			729			563			(6	)		(2	)		1,730			1,657			4
Retail	722			654			618			583			531			10			36			1,994			1,551			29
TOTAL NET REVENUE	$	2,763		$	2,725		$	2,653		$	2,753		$	2,459		1			12			$	8,141		$	7,193		13
FINANCIAL RATIOS
ROE	21		%	22		%	22		%	27		%	25		%							22		%	23		%
Overhead ratio	72			69			71			71			70									71			72
Pretax margin ratio	28			30			29			29			29									29			27
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	117,475		$	115,157		$	109,734		$	108,999		$	103,608		2			13			$	117,475		$	103,608		13
Loans (a)	90,538			86,043			81,403			80,216			74,924			5			21			90,538			74,924			21
Deposits	139,553			137,289			139,679			144,579			129,653			2			8			139,553			129,653			8
Equity	9,000			9,000			9,000			7,000			7,000			-			29			9,000			7,000			29
SELECTED BALANCE SHEET DATA (average)
Total assets	$	114,275		$	111,431		$	107,911		$	104,232		$	99,209		3			15			$	111,229		$	95,168		17
Loans	87,770			83,621			80,002			76,528			71,824			5			22			83,826			66,097			27
Deposits	138,742			136,577			139,441			133,693			127,487			2			9			138,251			127,702			8
Equity	9,000			9,000			9,000			7,000			7,000			-			29			9,000			7,000			29
Headcount	19,928			19,026			18,604			18,465			18,070			5			10			19,928			18,070			10

(a) Included $17.5 billion, $14.8 billion, $12.7 billion, $10.9 billion and $8.9 billion of prime mortgage loans reported in the Consumer, excluding credit card, loan portfolio, at September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively. For the same periods, excluded $4.0 billion, $4.8 billion, $5.6 billion, $6.7 billion and $8.2 billion of prime mortgage loans reported in the CIO portfolio within the Corporate/Private Equity segment, respectively.

Page 25

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q13 Change												2013 Change
	3Q13			2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
BUSINESS METRICS
Number of client advisors	2,995			2,804			2,797			2,821			2,826			7		%	6		%	2,995			2,826			6		%
% of customer assets in 4 & 5 Star Funds (a)	55		%	52		%	51		%	47		%	45		%							55		%	45		%
% of AUM in 1st and 2nd quartiles: (b)
1 year	73			73			70			67			69									73			69
3 years	74			77			74			74			78									74			78
5 years	74			76			75			76			77									74			77
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	9		$	4		$	23		$	3		$	6		125			50			$	36		$	61		(41	)
Nonaccrual loans	202			244			259			250			227			(17	)		(11	)		202			227			(11	)
Allowance for credit losses:
Allowance for loan losses	260			270			249			248			229			(4	)		14			260			229			14
Allowance for lending-related commitments	7			6			5			5			5			17			40			7			5			40
Total allowance for credit losses	267			276			254			253			234			(3	)		14			267			234			14
Net charge-off rate	0.04		%	0.02		%	0.12		%	0.02		%	0.03		%							0.06		%	0.12		%
Allowance for loan losses to period-end loans	0.29			0.31			0.31			0.31			0.31									0.29			0.31
Allowance for loan losses to nonaccrual loans	129			111			96			99			101									129			101
Nonaccrual loans to period-end loans	0.22			0.28			0.32			0.31			0.30									0.22			0.30
AM FIRMWIDE DISCLOSURES (c)
Total net revenue	$	3,300		$	3,226		$	3,112		$	3,164		$	2,843		2			16			$	9,638		$	8,279		16
Client assets (in billions) (d)	2,423			2,323			2,332			2,244			2,172			4			12			2,423			2,172			12
Number of client advisors	6,023			5,828			5,795			5,784			5,860			3			3			6,023			5,860			3

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

(b) 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.

(c) Includes Chase Wealth Management ("CWM"), which is a unit of Consumer & Business Banking. The firmwide metrics are presented in order to capture AM's partnership with CWM. Management reviews firmwide metrics in assessing the financial performance of AM's client asset management business.

(d) Excludes CWM client assets that are managed by AM.

Page 26

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
											Sep 30, 2013
											Change
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Sep 30,
CLIENT ASSETS	2013		2013		2013		2012		2012		2013		2012
Assets by asset class
Liquidity	$	446	$	431	$	454	$	458	$	437	3	%	2	%
Fixed income	328		325		331		330		326		1		1
Equity	346		316		312		277		266		9		30
Multi-asset and alternatives	420		398		386		361		352		6		19
TOTAL ASSETS UNDER MANAGEMENT	1,540		1,470		1,483		1,426		1,381		5		12
Custody/brokerage/administration/deposits	706		687		688		669		650		3		9
TOTAL CLIENT ASSETS	$	2,246	$	2,157	$	2,171	$	2,095	$	2,031	4		11
MEMO:
Alternatives client assets (a)	$	151	$	147	$	144	$	142	$	142	3		6
Assets by client segment
Private Banking	$	352	$	340	$	339	$	318	$	311	4		13
Institutional	752		723		749		741		710		4		6
Retail	436		407		395		367		360		7		21
TOTAL ASSETS UNDER MANAGEMENT	$	1,540	$	1,470	$	1,483	$	1,426	$	1,381	5		12
Private Banking	$	935	$	910	$	909	$	877	$	852	3		10
Institutional	752		723		749		741		710		4		6
Retail	559		524		513		477		469		7		19
TOTAL CLIENT ASSETS	$	2,246	$	2,157	$	2,171	$	2,095	$	2,031	4		11
Mutual fund assets by asset class
Liquidity	$	396	$	379	$	400	$	410	$	390	4		2
Fixed income	140		139		142		136		128		1		9
Equity	183		164		159		139		134		12		37
Multi-asset and alternatives	68		60		53		46		46		13		48
TOTAL MUTUAL FUND ASSETS	$	787	$	742	$	754	$	731	$	698	6		13

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

Page 27

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
														NINE MONTHS ENDED
	QUARTERLY TRENDS													SEPTEMBER 30,
	3Q13		2Q13			1Q13			4Q12		3Q12			2013			2012
CLIENT ASSETS (continued)
Assets under management rollforward
Beginning balance	$	1,470	$	1,483		$	1,426		$	1,381	$	1,347		$	1,426		$	1,336
Net asset flows:
Liquidity	13		(22		)	(2		)	22		(15		)	(11		)	(63		)
Fixed income	1		4			2			—		12			7			27
Equity	7		7			15			4		1			29			4
Multi-asset and alternatives	11		14			13			6		6			38			17
Market/performance/other impacts	38		(16		)	29			13		30			51			60
Ending balance	$	1,540	$	1,470		$	1,483		$	1,426	$	1,381		$	1,540		$	1,381
Client assets rollforward
Beginning balance	$	2,157	$	2,171		$	2,095		$	2,031	$	1,968		$	2,095		$	1,921
Net asset flows	39		(4		)	20			48		10			55			12
Market/performance/other impacts	50		(10		)	56			16		53			96			98
Ending balance	$	2,246	$	2,157		$	2,171		$	2,095	$	2,031		$	2,246		$	2,031

Page 28

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions, except where otherwise noted)
	QUARTERLY TRENDS															NINE MONTHS ENDED SEPTEMBER 30,
											3Q13 Change									2013 Change
INTERNATIONAL METRICS	3Q13		2Q13		1Q13		4Q12		3Q12		2Q13			3Q12		2013		2012		2012
Total net revenue: (in millions) (a)
Europe/Middle East/Africa	$	465	$	435	$	437	$	471	$	386	7		%	20	%	$	1,337	$	1,170	14	%
Asia/Pacific	295		291		277		256		245		1			20		863		711		21
Latin America/Caribbean	202		230		206		240		191		(12	)		6		638		532		20
North America	1,801		1,769		1,733		1,786		1,637		2			10		5,303		4,780		11
Total net revenue	$	2,763	$	2,725	$	2,653	$	2,753	$	2,459	1			12		$	8,141	$	7,193	13
Assets under management:
Europe/Middle East/Africa	$	271	$	261	$	270	$	258	$	267	4			1		$	271	$	267	1
Asia/Pacific	132		124		123		114		112		6			18		132		112		18
Latin America/Caribbean	42		40		39		45		42		5			-		42		42		-
North America	1,095		1,045		1,051		1,009		960		5			14		1,095		960		14
Total assets under management	$	1,540	$	1,470	$	1,483	$	1,426	$	1,381	5			12		$	1,540	$	1,381	12
Client assets:
Europe/Middle East/Africa	$	330	$	317	$	328	$	317	$	325	4			2		$	330	$	325	2
Asia/Pacific	179		171		170		160		155		5			15		179		155		15
Latin America/Caribbean	109		105		106		110		106		4			3		109		106		3
North America	1,628		1,564		1,567		1,508		1,445		4			13		1,628		1,445		13
Total client assets	$	2,246	$	2,157	$	2,171	$	2,095	$	2,031	4			11		$	2,246	$	2,031	11

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

Page 29

JPMORGAN CHASE & CO.
CORPORATE/PRIVATE EQUITY
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q13 Change													2013 Change
	3Q13			2Q13			1Q13			4Q12			3Q12				2Q13			3Q12			2013			2012				2012
INCOME STATEMENT (a)
REVENUE
Principal transactions	$	378		$	393		$	(262	)	$	159		$	(304	)	(d)	(4	)	%	NM		%	$	509		$	(4,427	)	(d)(f)	NM		%
Securities gains	26			124			509			103			459				(79	)		(94	)		659			1,921				(66	)
All other income	83			(227		)	114			142			1,042			(e)	NM			(92	)		(30		)	2,292			(e)(g)	NM
Noninterest revenue	487			290			361			404			1,197				68			(59	)		1,138			(214		)		NM
Net interest income	(366		)	(676		)	(594		)	(528		)	(605		)		46			40			(1,636		)	(753		)		(117	)
TOTAL NET REVENUE (b)	121			(386		)	(233		)	(124		)	592				NM			(80	)		(498		)	(967		)		49
Provision for credit losses	(17		)	5			(3		)	(6		)	(11		)		NM			(55	)		(15		)	(31		)		52
NONINTEREST EXPENSE
Compensation expense	551			624			573			545			455				(12	)		21			1,748			1,676				4
Noncompensation expense (c)	9,890			1,345			642			1,151			1,461				NM			NM			11,877			5,821				104
Subtotal	10,441			1,969			1,215			1,696			1,916				430			445			13,625			7,497				82
Net expense allocated to other businesses	(1,345		)	(1,253		)	(1,213		)	(1,176		)	(1,183		)		(7	)		(14	)		(3,811		)	(3,458		)		(10	)
TOTAL NONINTEREST EXPENSE	9,096			716			2			520			733				NM			NM			9,814			4,039				143
Income/(loss) before income tax expense/(benefit)	(8,958		)	(1,107		)	(232		)	(638		)	(130		)		NM			NM			(10,297		)	(4,975		)		(107	)
Income tax expense/(benefit)	(2,495		)	(555		)	(482		)	(1,161		)	(358		)		(350	)		NM			(3,532		)	(2,430		)		(45	)
NET INCOME/(LOSS)	$	(6,463	)	$	(552	)	$	250		$	523		$	228			NM			NM			$	(6,765	)	$	(2,545	)		(166	)
MEMO:
TOTAL NET REVENUE
Private Equity	$	398		$	410		$	(276	)	$	72		$	(135	)		(3	)		NM			$	532		$	529			1
Treasury and Chief Investment Office ("CIO")	(232		)	(648		)	113			(110		)	713				64			NM			(767		)	(2,954		)		74
Other Corporate (a)	(45		)	(148		)	(70		)	(86		)	14				70			NM			(263		)	1,458				NM
TOTAL NET REVENUE	$	121		$	(386	)	$	(233	)	$	(124	)	$	592			NM			(80	)		$	(498	)	$	(967	)		49
NET INCOME/(LOSS)
Private Equity	$	242		$	212		$	(182	)	$	50		$	(89	)		14			NM			$	272		$	242			12
Treasury and CIO	(193		)	(429		)	24			(157		)	369				55			NM			(598		)	(1,936		)		69
Other Corporate (a)	(6,512		)	(335		)	408			630			(52		)		NM			NM			(6,439		)	(851		)		NM
TOTAL NET INCOME/(LOSS)	$	(6,463	)	$	(552	)	$	250		$	523		$	228			NM			NM			$	(6,765	)	$	(2,545	)		(166	)
TOTAL ASSETS (period-end) (a)	$	835,000		$	806,044		$	763,765		$	725,251		$	681,860			4			22			$	835,000		$	681,860			22
Headcount (a)	19,843			18,720			18,026			17,758			17,577				6			13			19,843			17,577				13

(a) In the second quarter of 2013, the 2012 data for certain income statement (including net expense allocated to other businesses) and balance sheet line items, as well as headcount were revised to reflect the transfer of certain functions and staff from Corporate/Private Equity to CCB, effective January 1, 2013. For further information on this transfer, see CCB on page 10.

(b) Included tax-equivalent adjustments, predominantly due to tax-exempt income from municipal bond investments of $128 million, $105 million, $103 million, $117 million and $109 million for the three months ended September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, and $336 million and $326 million for the nine months ended September 30, 2013 and 2012, respectively.

(c) Included litigation expense of $9.2 billion, $0.6 billion, $0.2 billion and $0.7 billion for the three months ended September 30, 2013, June 30, 2013, December 31, 2012 and September 30, 2012, respectively (litigation expense for the three months ended March, 31, 2013 was not material), and $9.8 billion and $3.5 billion for the nine months ended September 30, 2013 and 2012, respectively.

(d) During the third quarter of 2012, CIO effectively closed out the index credit derivative positions that were retained following the transfer of the synthetic credit portfolio to the CIB on July 2, 2012. Principal transactions revenue included losses in CIO on this portfolio of $449 million for the three months ended September 30, 2012. Also included losses in CIO of $4.4 billion and $1.4 billion on the synthetic credit portfolio for the three months ended June 30, 2012 and March 31, 2012, respectively. Results of the portfolio that was transferred to CIB are not included herein.

(e) Included an extinguishment gain of $888 million related to the redemption of trust preferred securities ("TruPS") for the three months ended September 30, 2012; the gain related to adjustments applied to the cost basis of these securities during the period they were in a qualifying hedge accounting relationship.

(f) Included a gain of $545 million that was recorded in the second quarter of 2012, reflecting the recovery on a Bear Stearns-related subordinated loan.

(g) Included a $1.1 billion benefit that was recorded in the first quarter of 2012 from the Washington Mutual bankruptcy settlement.

Page 30

JPMORGAN CHASE & CO.
CORPORATE/PRIVATE EQUITY
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions)
	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
															3Q13 Change											2013 Change
	3Q13			2Q13		1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012		2012
SUPPLEMENTAL INFORMATION
TREASURY and CHIEF INVESTMENT OFFICE ("CIO")
Securities gains	$	26		$	123	$	503		$	103		$	459		(79	)	%	(94	)	%	$	652		$	1,925	(66	)	%
Investment securities portfolio (average)	348,622			355,920		365,639			362,867			348,571			(2	)		-			356,665			356,405		-
Investment securities portfolio (period-end)	350,527			349,044		360,230			365,421			360,268			-			(3	)		350,527			360,268		(3	)
Mortgage loans (average)	4,562			5,556		6,516			7,882			9,469			(18	)		(52	)		5,538			11,033		(50	)
Mortgage loans (period-end)	4,161			4,955		5,914			7,037			8,574			(16	)		(51	)		4,161			8,574		(51	)
PRIVATE EQUITY
Private equity gains/(losses)
Direct investments
Realized gains/(losses)	$	(142	)	$	40	$	48		$	(8	)	$	75		NM			NM			$	(54	)	$	25	NM
Unrealized gains/(losses) (a)	487			375		(327		)	11			(140		)	30			NM			535			628		(15	)
Total direct investments	345			415		(279		)	3			(65		)	(17	)		NM			481			653		(26	)
Third-party fund investments	83			24		20			87			(27		)	246			NM			127			47		170
Total private equity gains/(losses) (b)	$	428		$	439	$	(259	)	$	90		$	(92	)	(3	)		NM			$	608		$	700	(13	)
Private equity portfolio information
Direct investments
Publicly-held securities
Carrying value	$	538		$	550	$	578		$	578		$	637		(2	)		(16	)		$	538		$	637	(16	)
Cost	345			346		350			350			384			-			(10	)		345			384		(10	)
Quoted public value	538			550		578			578			673			(2	)		(20	)		538			673		(20	)
Privately-held direct securities
Carrying value	6,266			5,448		5,088			5,379			5,313			15			18			6,266			5,313		18
Cost	7,096			6,831		6,816			6,584			6,662			4			7			7,096			6,662		7
Third-party fund investments (c)
Carrying value	1,905			1,958		2,047			2,117			2,119			(3	)		(10	)		1,905			2,119		(10	)
Cost	1,910			1,968		1,967			1,963			2,018			(3	)		(5	)		1,910			2,018		(5	)
Total private equity portfolio
Carrying value	$	8,709		$	7,956	$	7,713		$	8,074		$	8,069		9			8			$	8,709		$	8,069	8
Cost	9,351			9,145		9,133			8,897			9,064			2			3			9,351			9,064		3

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

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

(c) Unfunded commitments to third-party private equity funds were $232 million, $251 million, $323 million, $370 million and $398 million at September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively.

Page 31

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											Sep 30, 2013
											Change
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,			Sep 30,
	2013		2013		2013		2012		2012		2013			2012
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained, excluding PCI loans
Home equity	$	59,825	$	62,326	$	64,798	$	67,385	$	69,686	(4	)	%	(14	)	%
Prime mortgage, including option ARMs	85,067		79,179		77,626		76,256		75,636		7			12
Subprime mortgage	7,376		7,703		8,003		8,255		8,552		(4	)		(14	)
Auto	50,810		50,865		50,552		49,913		48,920		-			4
Business banking	18,710		18,730		18,739		18,883		18,568		-			1
Student and other	11,664		11,849		11,927		12,191		12,521		(2	)		(7	)
Total loans retained, excluding PCI loans	233,452		230,652		231,645		232,883		233,883		1			-
Loans - PCI
Home equity	19,411		19,992		20,525		20,971		21,432		(3	)		(9	)
Prime mortgage	12,487		12,976		13,366		13,674		14,038		(4	)		(11	)
Subprime mortgage	4,297		4,448		4,561		4,626		4,702		(3	)		(9	)
Option ARMs	18,564		19,320		19,985		20,466		21,024		(4	)		(12	)
Total loans - PCI	54,759		56,736		58,437		59,737		61,196		(3	)		(11	)
Total loans retained	288,211		287,388		290,082		292,620		295,079		-			(2	)
Loans held-for-sale	139		708		—		—		—		(80	)		NM
Total consumer, excluding credit card loans	288,350		288,096		290,082		292,620		295,079		-			(2	)
Credit card loans
Loans retained (b)	123,672		124,288		121,865		127,993		124,431		-			(1	)
Loans held-for-sale	310		—		—		—		106		NM			192
Total credit card loans	123,982		124,288		121,865		127,993		124,537		-			-
Total consumer loans	412,332		412,384		411,947		420,613		419,616		-			(2	)
Wholesale loans (c)
Loans retained	310,588		308,208		310,582		306,222		297,576		1			4
Loans held-for-sale and loans at fair value	5,759		4,994		6,357		6,961		4,755		15			21
Total wholesale loans	316,347		313,202		316,939		313,183		302,331		1			5
Total loans	728,679		725,586		728,886		733,796		721,947		-			1
Derivative receivables	66,788		73,751		70,609		74,983		79,963		(9	)		(16	)
Receivables from customers and other (d)	24,618		23,852		30,111		23,761		18,946		3			30
Total credit-related assets	91,406		97,603		100,720		98,744		98,909		(6	)		(8	)
Lending-related commitments
Consumer, excluding credit card	58,787		62,303		60,874		60,156		62,183		(6	)		(5	)
Credit card	532,251		532,359		537,455		533,018		534,333		-			-
Wholesale	449,067		445,472		435,281		434,814		422,557		1			6
Total lending-related commitments	1,040,105		1,040,134		1,033,610		1,027,988		1,019,073		-			2
Total credit exposure	$	1,860,190	$	1,863,323	$	1,863,216	$	1,860,528	$	1,839,929	-			1
Memo: Total by category
Consumer exposure (e)	$	1,003,499	$	1,007,175	$	1,010,399	$	1,013,900	$	1,016,241	-			(1	)
Wholesale exposures (f)	856,691		856,148		852,817		846,628		823,688		-			4
Total credit exposure	$	1,860,190	$	1,863,323	$	1,863,216	$	1,860,528	$	1,839,929	-			1

(a) Includes loans reported in CCB, and prime mortgage loans reported in the AM business segment and in Corporate/Private Equity.

(b) Includes accrued interest and fees net of an allowance for the uncollectible portion of accrued interest and fee income.

(c) Includes loans reported in CIB, CB and AM business segments and Corporate/Private Equity.

(d) Predominantly includes receivables from customers, which represent margin loans to prime and retail brokerage customers; these are classified in accrued interest and accounts receivable on the Consolidated Balance Sheets.

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

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

Page 32

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																Sep 30, 2013
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Sep 30,
	2013			2013			2013			2012			2012			2013			2012
NONPERFORMING ASSETS
Consumer, excluding credit card loans
Home equity	$	2,848		$	2,986		$	3,104		$	3,208		$	3,254		(5	)	%	(12	)	%
Prime mortgage, including option ARMs	3,124			3,330			3,479			3,445			3,570			(6	)		(12	)
Subprime mortgage	1,485			1,594			1,792			1,807			1,868			(7	)		(21	)
Auto	125			126			135			163			172			(1	)		(27	)
Business banking	413			454			458			481			521			(9	)		(21	)
Student and other	81			86			80			70			75			(6	)		8
Total consumer, excluding credit card loans	8,076			8,576			9,048			9,174			9,460			(6	)		(15	)
Total credit card loans	1			1			1			1			1			-			-
Total consumer nonaccrual loans (a)	8,077			8,577			9,049			9,175			9,461			(6	)		(15	)
Wholesale loans
Loans retained	950			1,001			1,247			1,434			1,663			(5	)		(43	)
Loans held-for-sale and loans at fair value	69			156			130			111			246			(56	)		(72	)
Total wholesale loans	1,019			1,157			1,377			1,545			1,909			(12	)		(47	)
Total nonaccrual loans	9,096			9,734			10,426			10,720			11,370			(7	)		(20	)
Derivative receivables	431			448			412			239			282			(4	)		53
Assets acquired in loan satisfactions	704			714			746			775			829			(1	)		(15	)
Total nonperforming assets (b)	10,231			10,896			11,584			11,734			12,481			(6	)		(18	)
Wholesale lending-related commitments (c)	244			283			244			355			586			(14	)		(58	)
Total nonperforming exposure (b)	$	10,475		$	11,179		$	11,828		$	12,089		$	13,067		(6	)		(20	)
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	1.25		%	1.34		%	1.43		%	1.46		%	1.57		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	2.80			2.98			3.12			3.14			3.21
Total wholesale nonaccrual loans to total
wholesale loans	0.32			0.37			0.43			0.49			0.63
NONPERFORMING ASSETS BY LINE OF BUSINESS
Consumer & Community Banking (a)	$	8,673		$	9,171		$	9,666		$	9,791		$	10,096		(5	)		(14	)
Corporate & Investment Bank	706			869			911			920			1,160			(19	)		(39	)
Commercial Banking	585			543			681			687			908			8			(36	)
Asset Management	203			247			263			263			242			(18	)		(16	)
Corporate/Private Equity (d)	64			66			63			73			75			(3	)		(15	)
TOTAL	$	10,231		$	10,896		$	11,584		$	11,734		$	12,481		(6	)		(18	)

(a) Excludes PCI loans. Because the Firm is recognizing interest income on each pool of PCI loans, they are all considered to be performing.

(b) At September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $8.9 billion, $10.1 billion, $10.9 billion, $10.6 billion and $11.0 billion, respectively, that are 90 or more days past due; (2) real estate owned insured by U.S. government agencies of $1.9 billion, $1.8 billion, $1.7 billion, $1.6 billion and $1.5 billion, respectively; and (3) student loans insured by U.S. government agencies under the FFELP of $456 million, $488 million, $523 million, $525 million and $536 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.

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

(d) Predominantly relates to retained prime mortgage loans.

Page 33

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																								NINE MONTHS ENDED SEPTEMBER 30,
																			3Q13 Change														2013 Change
	3Q13			2Q13				1Q13			4Q12				3Q12				2Q13			3Q12			2013				2012				2012
GROSS CHARGE-OFFS
Consumer, excluding credit card loans (a)	$	534		$	575			$	720		$	804			$	1,813			(7	)	%	(71	)	%	$	1,829			$	4,001			(54	)	%
Credit card loans	1,047			1,166				1,248			1,261				1,284				(10	)		(18	)		3,461				4,494				(23	)
Total consumer loans	1,581			1,741				1,968			2,065				3,097				(9	)		(49	)		5,290				8,495				(38	)
Wholesale loans	74			50				66			133				48				48			54			190				213				(11	)
Total gross charge-offs	$	1,655		$	1,791			$	2,034		$	2,198			$	3,145			(8	)		(47	)		$	5,480			$	8,708			(37	)
GROSS RECOVERIES
Consumer, excluding credit card loans	$	106		$	119			$	112		$	115			$	125			(11	)		(15	)		$	337			$	393			(14	)
Credit card loans	155			152				166			164				168				2			(8	)		473				647				(27	)
Total consumer loans	261			271				278			279				293				(4	)		(11	)		810				1,040				(22	)
Wholesale loans	48			117				31			291				82				(59	)		(41	)		196				233				(16	)
Total gross recoveries	$	309		$	388			$	309		$	570			$	375			(20	)		(18	)		$	1,006			$	1,273			(21	)
NET CHARGE-OFFS/(RECOVERIES)
Consumer, excluding credit card loans (a)	$	428		$	456			$	608		$	689			$	1,688			(6	)		(75	)		$	1,492			$	3,608			(59	)
Credit card loans	892			1,014				1,082			1,097				1,116				(12	)		(20	)		2,988				3,847				(22	)
Total consumer loans	1,320			1,470				1,690			1,786				2,804				(10	)		(53	)		4,480				7,455				(40	)
Wholesale loans	26			(67		)		35			(158		)		(34		)		NM			NM			(6		)		(20		)		70
Total net charge-offs/(recoveries)	$	1,346		$	1,403			$	1,725		$	1,628			$	2,770			(4	)		(51	)		$	4,474			$	7,435			(40	)
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans (a)	0.59		%	0.63			%	0.85		%	0.93			%	2.26			%							0.69			%	1.59			%
Credit card retained loans	2.86			3.31				3.55			3.50				3.57										3.24				4.11
Total consumer retained loans	1.27			1.43				1.65			1.70				2.65										1.45				2.33
Wholesale retained loans	0.03			(0.09		)		0.05			(0.21		)		(0.05		)								—				(0.01		)
Total retained loans	0.74			0.78				0.97			0.90				1.53										0.83				1.39
Consumer retained loans, excluding credit card and
PCI loans (a)	0.73			0.79				1.06			1.18				2.85										0.86				2.02
Consumer retained loans, excluding PCI loans (a)	1.47			1.66				1.92			1.99				3.10										1.68				2.74
Total retained, excluding PCI loans	0.81			0.85				1.06			0.98				1.68										0.90				1.52
Memo: Average retained loans
Consumer retained, excluding credit card loans	$	287,729		$	289,158			$	291,588		$	293,544			$	297,472			-			(3	)		$	289,478			$	302,200			(4	)
Credit card retained loans	123,845			122,855				123,564			124,701				124,230				1			-			123,422				125,143				(1	)
Total average retained consumer loans	411,574			412,013				415,152			418,245				421,702				-			(2	)		412,900				427,343				(3	)
Wholesale retained loans	306,008			308,277				303,919			300,690				297,369				(1	)		3			306,076				289,055				6
Total average retained loans	$	717,582		$	720,290			$	719,071		$	718,935			$	719,071			-			-			$	718,976			$	716,398			-
Consumer retained, excluding credit card and
PCI loans	$	232,100		$	231,655			$	232,503		$	233,108			$	235,713			-			(2	)		$	232,085			$	238,924			(3	)
Consumer retained, excluding PCI loans	355,945			354,510				356,067			357,809				359,943				-			(1	)		355,507				364,067				(2	)
Total retained, excluding PCI loans	661,941			662,776				659,972			658,479				657,293				-			1			661,570				653,103				1

(a) Net charge-offs and net charge-off rates for the three months ended September 30, 2012 included $825 million and $55 million of Chapter 7 loans related to residential real estate and auto loans, respectively. Excluding these charge-offs, consumer retained loans, excluding credit card, consumer retained loans, excluding credit card and PCI loans, and consumer retained loans, excluding PCI loans net charge-off rates would have been 1.08%, 1.36% and 2.13%, respectively, for the three months ended September 30, 2012. For further information, see Consumer Credit Portfolio on pages 138-149 of JPMorgan Chase's 2012 Annual Report.

Page 34

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions)
	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
															3Q13 Change												2013 Change
	3Q13			2Q13			1Q13		4Q12			3Q12			2Q13			3Q12			2013			2012			2012
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	19,384		$	20,780		$	21,936	$	22,824		$	23,791		(7	)	%	(19	)	%	$	21,936		$	27,609		(21	)	%
Net charge-offs	1,346			1,403			1,725		1,628			2,770			(4	)		(51	)		4,474			7,435			(40	)
Provision for loan losses	(467		)	10			569		740			1,801			NM			NM			112			2,647			(96	)
Other	—			(3		)	—		—			2			NM			NM			(3		)	3			NM
Ending balance	$	17,571		$	19,384		$	20,780	$	21,936		$	22,824		(9	)		(23	)		$	17,571		$	22,824		(23	)
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	753		$	716		$	668	$	752		$	764		5			(1	)		$	668		$	673		(1	)
Provision for lending-related commitments	(76		)	37			48		(84		)	(12		)	NM			NM			9			82			(89	)
Other	—			—			—		—			—			-			-			—			(3		)	NM
Ending balance	$	677		$	753		$	716	$	668		$	752		(10	)		(10	)		$	677		$	752		(10	)
Total allowance for credit losses	$	18,248		$	20,137		$	21,496	$	22,604		$	23,576		(9	)		(23	)		$	18,248		$	23,576		(23	)
ALLOWANCE FOR LOAN LOSSES BY LOB
Consumer & Community Banking	$	13,500		$	15,095		$	16,599	$	17,752		$	18,454		(11	)		(27	)		$	13,500		$	18,454		(27	)
Corporate & Investment Bank	1,138			1,287			1,246		1,300			1,459			(12	)		(22	)		1,138			1,459			(22	)
Commercial Banking	2,647			2,691			2,656		2,610			2,653			(2	)		-			2,647			2,653			-
Asset Management	260			270			249		248			229			(4	)		14			260			229			14
Corporate/Private Equity	26			41			30		26			29			(37	)		(10	)		26			29			(10	)
Total	$	17,571		$	19,384		$	20,780	$	21,936		$	22,824		(9	)		(23	)		$	17,571		$	22,824		(23	)

Page 35

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																Sep 30, 2013
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Sep 30,
	2013			2013			2013			2012			2012			2013			2012
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	689		$	713		$	771		$	729		$	918		(3	)	%	(25	)	%
Formula-based	3,798			4,267			5,163			5,852			6,359			(11	)		(40	)
PCI	4,961			5,711			5,711			5,711			5,711			(13	)		(13	)
Total consumer, excluding credit card	9,448			10,691			11,645			12,292			12,988			(12	)		(27	)
Credit card
Asset-specific (a)	1,080			1,227			1,434			1,681			1,909			(12	)		(43	)
Formula-based	3,017			3,218			3,564			3,820			3,594			(6	)		(16	)
Total credit card	4,097			4,445			4,998			5,501			5,503			(8	)		(26	)
Total consumer	13,545			15,136			16,643			17,793			18,491			(11	)		(27	)
Wholesale
Asset-specific (a)	209			228			228			319			388			(8	)		(46	)
Formula-based	3,817			4,020			3,909			3,824			3,945			(5	)		(3	)
Total wholesale	4,026			4,248			4,137			4,143			4,333			(5	)		(7	)
Total allowance for loan losses	17,571			19,384			20,780			21,936			22,824			(9	)		(23	)
Allowance for lending-related commitments	677			753			716			668			752			(10	)		(10	)
Total allowance for credit losses	$	18,248		$	20,137		$	21,496		$	22,604		$	23,576		(9	)		(23	)
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	3.28		%	3.72		%	4.01		%	4.20		%	4.40		%
Credit card allowance to total credit card retained loans	3.31			3.58			4.10			4.30			4.42
Wholesale allowance to total wholesale retained loans	1.30			1.38			1.33			1.35			1.46
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (b)	1.52			1.65			1.61			1.66			1.80
Total allowance to total retained loans	2.43			2.69			2.88			3.02			3.18
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (c)	117			125			129			134			137
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (c)	149			156			153			155			156
Wholesale allowance to wholesale retained nonaccrual loans	424			424			332			289			261
Total allowance to total retained nonaccrual loans	195			202			202			207			205
CREDIT RATIOS, excluding PCI loans
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.92			2.16			2.56			2.83			3.11
Total allowance to total retained loans	1.89			2.06			2.27			2.43			2.61
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (c)	56			58			66			72			77
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (c)	94			96			98			101			104
Total allowance to total retained nonaccrual loans	140			143			146			153			154

(a) Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a troubled debt restructuring (“TDR”).

(b) Management uses allowance for loan losses to period-end loans retained, excluding CIB's trade finance and conduits, a non-GAAP financial measure, as it is a more relevant metric to reflect the allowance coverage of the retained wholesale loan portfolio.

(c) 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, nonmodified credit card loans are charged off by the end of the month in which the account becomes 180 days past due, while modified credit card loans are charged off when the account becomes 120 days past due. In addition, all credit card loans must be charged off within 60 days of receiving notification about certain specified events (e.g., bankruptcy of the borrower).

Page 36

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q13 Change												2013 Change
	3Q13			2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
PROVISION FOR CREDIT LOSSES BY LINE OF BUSINESS
Provision for loan losses
Consumer & Community Banking	$	(267	)	$	(20	)	$	549		$	1,091		$	1,862		NM		%	NM		%	$	262		$	2,683		(90	)	%
Corporate & Investment Bank	(152		)	(41		)	(37		)	(373		)	(62		)	(271	)		(145	)		(230		)	(112		)	(105	)
Commercial Banking	(29		)	43			40			10			(4		)	NM			NM			54			37			46
Asset Management	(1		)	23			20			19			15			NM			NM			42			69			(39	)
Corporate/Private Equity	(18		)	5			(3		)	(7		)	(10		)	NM			(80	)		(16		)	(30		)	47
Total provision for loan losses	$	(467	)	$	10		$	569		$	740		$	1,801		NM			NM			$	112		$	2,647		(96	)
Provision for lending-related commitments
Consumer & Community Banking	$	—		$	1		$	—		$	—		$	—		NM			-			$	1		$	—		NM
Corporate & Investment Bank	(66		)	35			48			(72		)	2			NM			NM			17			78			(78	)
Commercial Banking	(12		)	1			(1		)	(13		)	(12		)	NM			-			(12		)	7			NM
Asset Management	1			—			1			—			(1		)	NM			NM			2			(2		)	NM
Corporate/Private Equity	1			—			—			1			(1		)	NM			NM			1			(1		)	NM
Total provision for lending-related commitments	$	(76	)	$	37		$	48		$	(84	)	$	(12	)	NM			NM			$	9		$	82		(89	)
Provision for credit losses
Consumer & Community Banking	$	(267	)	$	(19	)	$	549		$	1,091		$	1,862		NM			NM			$	263		$	2,683		(90	)
Corporate & Investment Bank	(218		)	(6		)	11			(445		)	(60		)	NM			(263	)		(213		)	(34		)	NM
Commercial Banking	(41		)	44			39			(3		)	(16		)	NM			(156	)		42			44			(5	)
Asset Management	—			23			21			19			14			NM			NM			44			67			(34	)
Corporate/Private Equity	(17		)	5			(3		)	(6		)	(11		)	NM			(55	)		(15		)	(31		)	52
Total provision for credit losses	$	(543	)	$	47		$	617		$	656		$	1,789		NM			NM			$	121		$	2,729		(96	)
PROVISION FOR CREDIT LOSSES BY PORTFOLIO SEGMENT
Provision for loan losses
Consumer, excluding credit card	$	(815	)	$	(494	)	$	(37	)	$	(12	)	$	737		(65	)		NM			$	(1,346	)	$	314		NM
Credit card	542			464			582			1,097			1,116			17			(51	)		1,588			2,347			(32	)
Total consumer	(273		)	(30		)	545			1,085			1,853			NM			NM			242			2,661			(91	)
Wholesale	(194		)	40			24			(345		)	(52		)	NM			(273	)		(130		)	(14		)	NM
Total provision for loan losses	$	(467	)	$	10		$	569		$	740		$	1,801		NM			NM			$	112		$	2,647		(96	)
Provision for lending-related commitments
Consumer, excluding credit card	$	—		$	1		$	—		$	1		$	(1	)	NM			NM			$	1		$	(1	)	NM
Credit card	—			—			—			—			—			-			-			—			—			-
Total consumer	—			1			—			1			(1		)	NM			NM			1			(1		)	NM
Wholesale	(76		)	36			48			(85		)	(11		)	NM			NM			8			83			(90	)
Total provision for lending-related commitments	$	(76	)	$	37		$	48		$	(84	)	$	(12	)	NM			NM			$	9		$	82		(89	)
Provision for credit losses
Consumer, excluding credit card	$	(815	)	$	(493	)	$	(37	)	$	(11	)	$	736		(65	)		NM			$	(1,345	)	$	313		NM
Credit card	542			464			582			1,097			1,116			17			(51	)		1,588			2,347			(32	)
Total consumer	(273		)	(29		)	545			1,086			1,852			NM			NM			243			2,660			(91	)
Wholesale	(270		)	76			72			(430		)	(63		)	NM			(329	)		(122		)	69			NM
Total provision for credit losses	$	(543	)	$	47		$	617		$	656		$	1,789		NM			NM			$	121		$	2,729		(96	)

Page 37

JPMORGAN CHASE & CO.
MARKET RISK-RELATED INFORMATION
(in millions)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q13 Change													2013 Change
	3Q13			2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012				2012
95% Confidence Level - Total VaR (average)
CIB trading VaR by risk type: (a)
Fixed income (b)	$	43		$	35		$	55		$	86		$	118		23		%	(64	)	%	$	44		$	81			(46	)	%
Foreign exchange	7			7			7			8			10			-			(30	)		7			10				(30	)
Equities	13			14			13			27			19			(7	)		(32	)		13			19				(32	)
Commodities and other	13			13			15			14			13			-			-			14			16				(13	)
Diversification benefit to CIB trading VaR (c)	(34		)	(33		)	(34		)	(38		)	(48		)	(3	)		29			(33		)	(46		)		28
CIB trading VaR (a)	42			36			56			97			112			17			(63	)		45			80				(44	)
Credit portfolio VaR (d)	12			13			15			19			22			(8	)		(45	)		13			26				(50	)
Diversification benefit to CIB trading and credit
portfolio VaR (c)	(9		)	(9		)	(9		)	(10		)	(12		)	-			25			(9		)	(13		)		31
Total CIB trading and credit portfolio VaR (a)(b)	45			40			62			106			122			13			(63	)		49			93				(47	)
Other VaR:
Mortgage Production and Servicing VaR (e)	10			15			19			26			17			(33	)		(41	)		15			14				7
Treasury & Chief Investment Office VaR (b)(f)	5			5			11			6			54			-			(91	)		7			120			(i)	(94	)
Other VaR (g)	4			5			4			3			4			(20	)		-			4			4				-
Diversification benefit to total VaR (c)	(8		)	(10		)	(13		)	(9		)	(14		)	20			43			(10		)	(12		)		17
Total other VaR	11			15			21			26			61			(27	)		(82	)		16			126				(87	)
Diversification benefit to total CIB and other VaR (c)	(9		)	(10		)	(10		)	(12		)	(68		)	10			87			(10		)	(57		)		82
Total VaR (b)(h)	$	47		$	45		$	73		$	120		$	115		4			(59	)		$	55		$	162			(66	)

(a) CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. CIB trading VaR does not include the DVA on structured notes and derivative liabilities to reflect the credit quality of the Firm. For further information, see VaR measurement on pages 95-98 of JPMorgan Chase's 2Q13 Form 10-Q. Effective in the fourth quarter of 2012, CIB's VaR includes the VaR of the former reportable business segments, Investment Bank and Treasury & Securities Services (“TSS”), which were combined to form the CIB business segment. TSS VaR was not material and was previously classified within Other VaR. Prior period VaR disclosures were not revised as a result of the business segment reorganization.

(b) On July 2, 2012, CIO transferred its synthetic credit portfolio, other than a portion aggregating to approximately $12 billion notional, to the CIB; CIO's retained portfolio was effectively closed out during the three months ended September 30, 2012. During the third quarter of 2012, the Firm applied a new VaR model to calculate VaR for the synthetic credit portfolio that had been transferred to CIB. In the first quarter of 2013, in order to achieve consistency among like products within CIB and in conjunction with the implementation of Basel 2.5 requirements, the Firm moved the synthetic credit portfolio to an existing VaR model within the CIB. This change had an insignificant impact to the average fixed income VaR and average total CIB trading and credit portfolio VaR, and it had no impact to the average total VaR compared with the model used in the third and fourth quarters of 2012. For further information regarding these VaR Model impacts on prior periods, see Market Risk Management on pages 77-80 and 95-99 of JPMorgan Chase’s Form 10-Q for the quarterly periods ended March 31, 2013 and June 30, 2013, respectively.

(c) Average portfolio VaR was less than the sum of the VaR of the components described above, which is due to portfolio diversification. The diversification effect reflects the fact that the risks were not perfectly correlated.

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

(e) Mortgage Production and Mortgage Servicing VaR includes the Firm's mortgage pipeline and warehouse loans, MSRs and all related hedges.

(f) Treasury and CIO VaR includes positions, primarily in securities and derivatives, which are measured at fair value through earnings.

(g) Other VaR includes certain securities and derivatives in Asset Management.

(h) Total VaR does not include the retained Credit portfolio, which is not reported at fair value; however, it does include hedges of those positions, which are reported at fair value. It also does not include DVA on structured notes and derivative liabilities to reflect the credit quality of the Firm, principal investments; and longer-term securities investments managed by CIO that are classified as available-for-sale; for further information see VaR measurement on pages 95-98 of JPMorgan Chase's 2Q13 Form 10-Q.

(i) On August 9, 2012, the Firm restated its 2012 first quarter financial statements. See the Firm's Form 10-Q/A for the quarter ended March 31, 2012 for further information on the restatement. The CIO VaR amount for the first quarter of 2012 has not been recalculated to reflect the restatement.

Page 38

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
																	Sep 30, 2013
																	Change						NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,				Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Sep 30,										2013 Change
	2013				2013			2013			2012			2012			2013			2012			2013				2012			2012
CAPITAL (a)
Tier 1 capital	$	161,349	(f)(g)		$	164,027		$	163,807		$	160,002		$	154,686		(2	)	%	4		%	$	161,349	(f)(g)		$	154,686		4		%
Total capital	196,269		(f)		199,148			198,926			194,036			190,485			(1	)		3			196,269		(f)		190,485			3
Tier 1 common capital (b)	144,588		(f)		146,957			143,255			140,342			135,065			(2	)		7			144,588		(f)		135,065			7
Risk-weighted assets	1,376,409		(f)		1,410,081			1,406,948			1,270,378			1,296,512			(2	)		6			1,376,409		(f)		1,296,512			6
Adjusted average assets (c)	2,327,475		(f)		2,333,416			2,255,697			2,243,242			2,186,292			-			6			2,327,475		(f)		2,186,292			6
Tier 1 capital ratio	11.7		(f)(g)	%	11.6		%	11.6		%	12.6		%	11.9		%							11.7		(f)(g)	%	11.9		%
Total capital ratio	14.3		(f)		14.1			14.1			15.3			14.7									14.3		(f)		14.7
Tier 1 leverage ratio	6.9		(f)		7.0			7.3			7.1			7.1									6.9		(f)		7.1
Tier 1 common capital ratio (b)	10.5		(f)		10.4			10.2			11.0			10.4									10.5		(f)		10.4
TANGIBLE COMMON EQUITY (period-end) (d)
Common stockholders' equity	$	195,512			$	197,781		$	197,128		$	195,011		$	190,635		(1	)		3			$	195,512			$	190,635		3
Less: Goodwill	48,100				48,057			48,067			48,175			48,178			-			-			48,100				48,178			-
Less: Other intangible assets	1,817				1,951			2,082			2,235			2,641			(7	)		(31	)		1,817				2,641			(31	)
Add: Deferred tax liabilities (e)	2,921				2,886			2,852			2,803			2,780			1			5			2,921				2,780			5
Total tangible common equity	$	148,516			$	150,659		$	149,831		$	147,404		$	142,596		(1	)		4			$	148,516			$	142,596		4
TANGIBLE COMMON EQUITY (average) (d)
Common stockholders' equity	$	197,232			$	197,283		$	194,733		$	191,975		$	186,590		-			6			$	196,425			$	181,791		8
Less: Goodwill	48,073				48,078			48,168			48,172			48,158			-			-			48,106				48,178			-
Less: Other intangible assets	1,878				2,026			2,162			2,547			2,729			(7	)		(31	)		2,021				2,928			(31	)
Add: Deferred tax liabilities (e)	2,904				2,869			2,828			2,792			2,765			1			5			2,867				2,741			5
Total tangible common equity	$	150,185			$	150,048		$	147,231		$	144,048		$	138,468		-			8			$	149,165			$	133,426		12
INTANGIBLE ASSETS (period-end)
Goodwill	$	48,100			$	48,057		$	48,067		$	48,175		$	48,178		-			-			$	48,100			$	48,178		-
Mortgage servicing rights	9,490				9,335			7,949			7,614			7,080			2			34			9,490				7,080			34
Purchased credit card relationships	176				221			242			295			409			(20	)		(57	)		176				409			(57	)
All other intangibles	1,641				1,730			1,840			1,940			2,232			(5	)		(26	)		1,641				2,232			(26	)
Total intangible assets	$	59,407			$	59,343		$	58,098		$	58,024		$	57,899		-			3			$	59,407			$	57,899		3
DEPOSITS (period-end)
U.S. offices:
Noninterest-bearing	$	399,658			$	362,314		$	363,780		$	380,320		$	363,388		10			10			$	399,658			$	363,388		10
Interest-bearing	605,305				580,091			571,334			552,106			509,407			4			19			605,305				509,407			19
Non-U.S. offices:
Noninterest-bearing	20,964				19,515			19,979			17,845			16,192			7			29			20,964				16,192			29
Interest-bearing	255,175				241,030			247,414			243,322			250,624			6			2			255,175				250,624			2
Total deposits	$	1,281,102			$	1,202,950		$	1,202,507		$	1,193,593		$	1,139,611		6			12			$	1,281,102			$	1,139,611		12

(a) In the first quarter of 2013, the Firm implemented Basel 2.5. For further information, see footnote (f) on page 2.

(b) 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 42.

(c) Adjusted average assets, for purposes of calculating the leverage ratio, includes 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.

(d) For further discussion of TCE, see page 42.

(e) Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in non-taxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

(f) Estimated.

(g) At September 30, 2013, TruPS included in Tier 1 capital were $5.3 billion. If these securities were excluded from the calculation at September 30, 2013, Tier 1 capital would have been $156.1 billion and the Tier 1 capital ratio would have been 11.3%.

Page 39

JPMORGAN CHASE & CO.
MORTGAGE REPURCHASE LIABILITY
(in millions)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q13 Change												2013 Change
	3Q13			2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
MORTGAGE REPURCHASE LIABILITY (a)(b)
Summary of changes in mortgage repurchase liability:
Repurchase liability at beginning of period	$	2,476		$	2,674		$	2,811		$	3,099		$	3,293		(7	)	%	(25	)	%	$	2,811		$	3,557		(21	)	%
Net realized losses (c)	(135		)	(191		)	(212		)	(267		)	(268		)	29			50			(538		)	(891		)	40
Provision for repurchase losses (d)	(159		)	(7		)	75			(21		)	74			NM			NM			(91		)	433			NM
Repurchase liability at end of period	$	2,182		$	2,476		$	2,674		$	2,811		$	3,099		(12	)		(30	)		$	2,182		$	3,099		(30	)
Outstanding repurchase demands and unresolved mortgage
insurance rescission notices by counterparty type: (e)
GSEs	$	1,601		$	970		$	1,022		$	1,166		$	1,533		65			4			$	1,601		$	1,533		4
Mortgage insurers	780			852			924			1,014			1,036			(8	)		(25	)		780			1,036			(25	)
Other (f)	1,322			1,072			992			887			1,697			23			(22	)		1,322			1,697			(22	)
Overlapping population (g)	(45		)	(51		)	(64		)	(86		)	(150		)	12			70			(45		)	(150		)	70
Total	$	3,658		$	2,843		$	2,874		$	2,981		$	4,116		29			(11	)		$	3,658		$	4,116		(11	)
Mortgage repurchase demands received by loan origination
vintage: (e)
Pre-2005	$	135		$	53		$	45		$	42		$	33		155			309			$	233		$	102		128
2005	308			116			217			42			103			166			199			641			263			144
2006	515			258			287			292			963			100			(47	)		1,060			1,844			(43	)
2007	690			546			419			241			371			26			86			1,655			1,436			15
2008	265			113			151			114			196			135			35			529			868			(39	)
Post-2008	79			60			62			87			124			32			(36	)		201			439			(54	)
Total	$	1,992		$	1,146		$	1,181		$	818		$	1,790		74			11			$	4,319		$	4,952		(13	)

(a) For further details regarding the Firm's mortgage repurchase liability, see Mortgage repurchase liability on pages 111-115 and Note 29 on pages 308-315 of JPMorgan Chase's 2012 Annual Report.

(b) All mortgage repurchase demands associated with private-label securitizations are separately evaluated by the Firm in establishing its litigation reserves.

(c) Presented net of third-party recoveries and includes principal losses and accrued interest on repurchased loans, “make-whole” settlements, settlements with claimants, and certain related expense. Make-whole settlements were $117 million, $133 million, $121 million, $137 million and $94 million for the three months ended September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, and $371 million and $387 million for the nine months ended September 30, 2013 and 2012, respectively.

(d) Included $4 million, $6 million, $8 million, $27 million and $30 million of provision related to new loan sales for the three months ended September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, and $18 million and $85 million for the nine months ended September 30, 2013 and 2012, respectively.

(e) Excludes amounts related to Washington Mutual.

(f) Represents repurchase demands received from parties other than the GSEs that have been presented to the Firm by trustees who assert authority to present such claims under the terms of the underlying sale or securitization agreement, and excludes repurchase demands asserted in or arising in connection with pending repurchase litigation.

(g) Because the GSEs and others 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 outstanding repurchase demand.

Page 40

JPMORGAN CHASE & CO.
PER SHARE-RELATED INFORMATION
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q13 Change												2013 Change
	3Q13				2Q13			1Q13			4Q12			3Q12			2Q13			3Q12			2013			2012			2012
EARNINGS PER SHARE DATA
Basic earnings per share:
Net income/(loss)	$	(380	)		$	6,496		$	6,529		$	5,692		$	5,708		NM		%	NM		%	$	12,645		$	15,592		(19	)	%
Less: Preferred stock dividends	229				204			182			175			163			12			40			615			478			29
Net income/(loss) applicable to common equity	(609		)		6,292			6,347			5,517			5,545			NM			NM			12,030			15,114			(20	)
Less: Dividends and undistributed earnings allocated to
participating securities	41				191			216			195			199			(79	)		(79	)		374			558			(33	)
Net income/(loss) applicable to common stockholders	$	(650	)		$	6,101		$	6,131		$	5,322		$	5,346		NM			NM			$	11,656		$	14,556		(20	)
Total weighted-average basic shares outstanding	3,767.0				3,782.4			3,818.2			3,806.7			3,803.3			-			(1	)		3,789.2			3,810.4			(1	)
Net income/(loss) per share	$	(0.17	)		$	1.61		$	1.61		$	1.40		$	1.41		NM			NM			$	3.08		$	3.82		(19	)
Diluted earnings per share:
Net income/(loss) applicable to common stockholders	$	(650	)		$	6,101		$	6,131		$	5,322		$	5,346		NM			NM			$	11,656		$	14,556		(20	)
Total weighted-average basic shares outstanding	3,767.0				3,782.4			3,818.2			3,806.7			3,803.3			-			(1	)		3,789.2			3,810.4			(1	)
Add: Employee stock options, SARs and warrants (a)	—				31.9			28.8			14.2			10.6			NM			NM			31.7			12.2			160
Total weighted-average diluted shares outstanding (b)	3,767.0				3,814.3			3,847.0			3,820.9			3,813.9			(1	)		(1	)		3,820.9			3,822.6			-
Net income/(loss) per share	$	(0.17	)	(f)	$	1.60		$	1.59		$	1.39		$	1.40		NM			NM			$	3.05		$	3.81		(20	)
COMMON SHARES OUTSTANDING
Common shares - at period end	3,759.2				3,769.0			3,789.8			3,804.0			3,799.6			-			(1	)		3,759.2			3,799.6			(1	)
Cash dividends declared per share	$	0.38			$	0.38	(g)	$	0.30		$	0.30		$	0.30		-			27			$	1.06	(g)	$	0.90		18
Book value per share	52.01				52.48			52.02			51.27			50.17			(1	)		4			52.01			50.17			4
Tangible book value per share (c)	39.51				39.97			39.54			38.75			37.53			(1	)		5			39.51			37.53			5
Dividend payout ratio	NM			%	23		%	19		%	21		%	21		%							34		%	23		%
SHARE PRICE (d)
High	$	56.93			$	55.90		$	51.00		$	44.54		$	42.09		2			35			$	56.93		$	46.49		22
Low	50.06				46.05			44.20			38.83			33.10			9			51			44.20			30.83			43
Close	51.69				52.79			47.46			43.97			40.48			(2	)		28			51.69			40.48			28
Market capitalization	194,312				198,966			179,863			167,260			153,806			(2	)		26			194,312			153,806			26
COMMON EQUITY REPURCHASE PROGRAM (e)
Aggregate common equity repurchased	$	739.7			$	1,171.9		$	2,578.3		$	—		$	—		(37	)		NM			$	4,489.9		$	1,653.5	(h)	172
Common equity repurchased	13.6				23.5			53.5			—			—			(42	)		NM			90.6			52.0		(h)	74
Average purchase price	$	54.30			$	50.01		$	48.16		$	—		$	—		9			NM			$	49.56		$	31.79	(h)	56

(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 8 million, 13 million, 117 million and 147 million for the three months endedJune 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, and 8 million and 158 million for the nine months ended September 30, 2013 and 2012, 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) Tangible book value per share is a non-GAAP financial measure. Tangible book value per share represents the Firm's tangible common equity divided by period-end common shares. For further discussion of this measure, see page 42.

(d) For additional information on the listing and trading of JPMorgan Chase's common stock, see page 2.

(e) On March 14, 2013, the Firm announced that following the release by the Board of Governors of the Federal Reserve System (“Federal Reserve”) of the 2013 CCAR results, JPMorgan Chase & Co. is authorized to repurchase $6.0 billion of common equity between April 1, 2013 and March 31, 2014. Such repurchases will be done pursuant to the $15.0 billion common equity (i.e., common stock and warrants) repurchase program previously authorized by the Board of Directors on March 13, 2012. The Federal Reserve has asked the Firm to submit an additional capital plan, and following their review of the resubmission, the Federal Reserve may require the Firm to modify its capital distributions. The resubmission was made by the Firm on September 18, 2013. JPMorgan Chase expects the Federal Reserve to notify the Firm within 75 days of the resubmission of its determination.

(f) Due to the net loss applicable to common stockholders during the three months ended September 30, 2013, no common equivalent shares have been included in the computation of diluted earnings per share for the period as the effect would be antidilutive.

(g) On May 21, 2013, the Board of Directors of JPMorgan Chase increased the Firm's quarterly common stock dividend from $0.30 to $0.38 per share.

(h) Included the impact of aggregate repurchases of 18.5 million warrants during the three months ended June 30, 2012.

Page 41

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 investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. This non-GAAP financial measure allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income/(loss) as reported by the Firm as a whole or by the lines of business.

(b) The ratio of the allowance for loan losses to period-end 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 ratio of the wholesale allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB's trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the Firm's wholesale allowance coverage ratio.

(c) Tangible common equity (“TCE”), ROTCE, and Tier 1 common capital under Basel I rules. TCE represents the Firm's common stockholders' equity (i.e., total stockholders' equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm's earnings as a percentage of average TCE. Tier 1 common capital and the Tier 1 common ratio under Basel I rules, along with other capital measures, are used by management, bank regulators, investors and analysts to assess and monitor the Firm's capital position. TCE and ROTCE are meaningful to the Firm, as well as investors and analysts, in assessing the Firm's use of equity. For additional information on Tier 1 common under Basel I and III, see Regulatory capital on pages 117-120 of JPMorgan Chase's 2012 Annual Report and pages 60-63 of JPMorgan Chase's second quarter 2013 Form 10-Q.

(d) Consumer & Business Banking (“CBB”) 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 CBB's CDI amortization expense related to prior business combination transactions.

(e) Corporate & Investment Bank provides several non-GAAP financial measures which exclude the impact of DVA on: net revenue, net income, compensation ratio, and return on equity. These measures are used by management to assess the underlying performance of the business and for comparability with peers. The ratio of the allowance for loan losses to period-end loans retained is calculated excluding the impact of trade finance loans and consolidated Firm-administered multi-seller conduits as it is a more relevant metric to reflect the allowance coverage of the retained loan portfolio.

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JPMORGAN CHASE & CO.
GLOSSARY OF TERMS

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 interests 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.

bp(s): Basis point(s).

Corporate/Private Equity: Comprises Private Equity, Treasury, Chief Investment Office, and Other Corporate, which includes corporate staff units and expense that is centrally managed.

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.

GSEs: U.S. government-sponsored enterprise, such as Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac").

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.

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.

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/(loss): Pre-provision profit/(loss) 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.

Principal transactions revenue: Principal transactions revenue includes realized and unrealized gains and losses recorded on derivatives, other financial instruments, private equity investments, and physical commodities used in market-making and client-driven activities. In addition, principal transactions revenue also includes certain realized and unrealized gains and losses related to hedge accounting and specified risk management activities including: (a) certain derivatives designated in qualifying hedge accounting relationships (primarily fair value hedges of commodity and foreign exchange risk), (b) certain derivatives used for specified risk management purposes, primarily to mitigate credit risk, foreign exchange risk and commodity risk, and (c) other derivatives, including the synthetic credit portfolio.

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JPMORGAN CHASE & CO.
GLOSSARY OF TERMS

Purchased credit-impaired (“PCI”) loans: Represents loans that were acquired in the Washington Mutual transaction and deemed to be credit-impaired on the acquisition date in accordance with the guidance of the Financial Accounting Standards Board ("FASB"). 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., product type, LTV ratios, FICO scores, past-due status, 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.

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.

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. PCI loans as well as the related charge-offs and allowance for loan losses are excluded in the calculation of certain net charge-off rates and allowance coverage ratios. To date, no charge-offs have been recorded for these loans.

Receivables from customers: Predominantly represents margin loans to prime and retail brokerage customers which are included in accrued interest and accounts receivable on the Consolidated Balance Sheets.

Reported basis: Financial statements prepared under U.S. GAAP.

Retained loans: Loans that are held-for-investment, which excludes 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.

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 movements in an ordinary market environment. For additional information, see Value-at-risk on pages 163-167 of JPMorgan Chase's 2012 Annual Report and pages 95-98 of the Firm's second quarter Form 10-Q.

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JPMORGAN CHASE & CO.
GLOSSARY OF TERMS

CONSUMER & COMMUNITY BANKING (“CCB”)

Active online customers - Users of all internet browsers and mobile platforms who have been active in the past 90 days.

Active mobile customers - Users of all mobile platforms, which include: SMS, mobile smartphone and tablet, who have been active in the past 90 days.

Consumer & Business Banking (“CBB”)

Description of selected business metrics within CBB:

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.

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 locations 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, 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 Paymentech, etc.) and mortgage products to existing and new clients.

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

Chase Liquid^SM cards - Refers to a prepaid, reloadable card product.

Mortgage Banking

Mortgage Production and Mortgage 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 predominantly represents the return on Mortgage Servicing's MSR asset and includes:

• Actual gross income earned from servicing third-party mortgage loans, such as contractually specified servicing fees and ancillary income; and

• The change in the fair value of the MSR asset due to the collection or realization of expected cash flows.

b) Risk management represents the components of Mortgage Servicing's MSR asset that are subject to ongoing risk management activities, together with derivatives and other instruments used in those risk management activities.

Mortgage origination channels comprise the following:

Retail - Borrowers who buy or refinance 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 - Third-party mortgage brokers refer 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 U.S. Department of Agriculture under its 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.

Card, Merchant Services and Auto (“Card”)

Description of selected business metrics within Card:

Card Services includes the Credit Card and Merchant Services businesses.

Merchant Services is a business that primarily processes transactions for merchants.

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

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.

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

Open accounts - Cardmember accounts with charging privileges.

Auto origination volume - Dollar amount of auto loans and leases originated.

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JPMORGAN CHASE & CO.
GLOSSARY OF TERMS

CORPORATE & INVESTMENT BANK (“CIB”)

Definition of selected CIB revenue:

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

Treasury Services includes both transaction services and trade finance. Transaction services offers 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. Trade finance enables the management of cross-border trade for bank and corporate clients. Products include loans tied directly to goods crossing borders, export/import loans, commercial letters of credit, standby letters of credit, and supply chain finance.

Lending includes net interest income, fees, gains or losses on loan sales activities, gains or losses on securities received as part of loan restructurings, and the risk management results related to the credit portfolio (excluding trade finance).

Fixed Income Markets primarily include revenue related to market-making across global fixed income markets, including foreign exchange, interest rate, credit and commodities markets. The results of the synthetic credit portfolio that was transferred from the Chief Investment Office effective July 2, 2012 are reported in this caption.

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

Securities Services includes primarily custody, fund accounting and administration, and securities lending products sold principally to asset managers, insurance companies and public and private investment funds. Also includes clearance, collateral management and depositary receiptsbusiness which provides 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.

Credit Adjustments & Other primarily includes credit portfolio credit valuation adjustments (“CVA”) net of associated hedging activities; debit valuation adjustments (“DVA”) on structured notes and derivative liabilities; and nonperforming derivative receivable results.

Description of certain business metrics:

Client deposits and other third-party liabilities pertain to the Treasury Services and Securities Services businesses, and include deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of the Firm's client cash management program.

Assets under custody (“AUC”) represents activities associated with the safekeeping and servicing of assets on which Securities Services earns fees.

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JPMORGAN CHASE & CO.
GLOSSARY OF TERMS

COMMERCIAL BANKING (“CB”)

CB Client Segments:

Middle Market Banking covers corporate, municipal, financial institution and nonprofit clients, with annual revenue generally ranging between $20 million and $500 million.

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.

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

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

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

CB Revenue:

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.

Treasury services includes revenue from a broad range of products and services (as defined by Treasury Services revenue in the CIB description of revenue) that enable CB clients to manage payments and receipts, as well as invest and manage funds.

Investment banking includes revenue from a range of products providing CB clients with sophisticated capital-raising alternatives, as well as balance sheet and risk management tools through advisory, equity and bond underwriting, and loan syndications. Revenue from Fixed income and Equity market products (as defined by Fixed Income Markets and Equity Markets revenue in the CIB description of revenue) available to CB clients is also included. Investment banking revenue, gross, represents total revenue related to investment banking products sold to CB clients.

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:

Client deposits and other third-party liabilities include deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of the Firm's client cash management program.

ASSET MANAGEMENT (“AM”)

Assets under management - Represent assets actively managed by AM on behalf of its Private Banking, Institutional and Retail clients. Includes “committed capital not called,” on which AM earns fees.

Client assets - Represent 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:

Private Banking offers 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.

Institutionalbrings comprehensive global investment services – including asset management, pension analytics, asset-liability management and active risk-budgeting strategies – to corporate and public institutions, endowments, foundations, nonprofit organizations and governments worldwide.

Retailprovides worldwide investment management services and retirement planning and administration, through financial intermediaries and direct distribution of a full range of investment products.

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 AM against the performance of their respective competitors.

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