8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

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

Date of Report (date of earliest event reported): April 13, 2011

JPMORGAN CHASE & CO.

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

TABLE OF CONTENTS

EX-99.1

Item 7.01 Regulation FD Disclosure

On April 13, 2011, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) held an investor presentation to review first quarter 2011 earnings.

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

This current report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2010, which has been filed with the U.S. Securities and Exchange Commission and is available on JPMorgan Chase & Co.’s website (www.jpmorganchase.com) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description of Exhibit
99.1	JPMorgan Chase & Co. Analyst Presentation Slides — Financial Results — 1Q11

2

SIGNATURE

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

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

Dated: April 13, 2011

3

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
99.1	JPMorgan Chase & Co. Analyst Presentation Slides — Financial Results — 1Q11

4

EX-99.1

Exhibit 99.1

Exhibit99.11Q11April13,2011

1Q11Financialhighlights1Q11netincomeof$5.6B;EPSof$1.28;revenueof$25.8B¹ 1Q11resultsincludethefollowingsignificantitems:$inmillions,excludingEPSPretaxNetIncomeEPSCardService s-benefitfromreducedcreditcardloanlossreserves$2,000$1,240$0.29RetailFinancialServices-lossfromMSRas setadjustmentforincreasedcosts(1,100)(682)(0.16)RetailFinancialServices-expenseforestimatedcostsoffo reclosure-relatedmatters(650)(403)(0.10)Fortressbalancesheetstrengthened BaselITier1Common²of$120B,or10.0%EstimatedBaselIIITier1Commonof7.3% Creditreservesat$30.4B;loanlosscoverageratioat4.10%oftotalloans³RESULTS Solidperformanceacrossmostbusinesses¹Seenote1onslide19²Seenote6onslide19 ³Seenote2onslide19FINANCIAL1

1Q11Financialresults¹$inmillions,excludingEPS$O/(U)1Q114Q101Q10Revenue(FTE)¹ $25,791($931)($2,381)CreditCosts¹ 1,169(1,874)(5,841)Expense15,995(48)(129)ReportedNetIncome$5,555$724$2,229NetIncomeApplicabletoCommo nStock$5,136$724$2,162ReportedEPS$1.28$0.16$0.54ROE²13%11%8%ROTCE^2,3 18%16%12%¹Seenote1onslide19²Actualnumbersforallperiods,notover/under ³Seenote7onslide19RESULTSFINANCIAL2

Investment Bank1$ in millions 3 Net income of $2.4B on revenue of $8.2B $ O/(U) 3 ROE of 24%1Q11 4Q10 1Q10 3 IB fees of $1.8B up 23% YoY Revenue $8,233 $2,020 ($86)3 Ranked #1 YTD in Global Investment Investment Banking Fees 1,779 (54) 333Banking FeesFixed Income Markets 5,238 2,363 (226)Equity Markets 1,406 278 (56) 3 Fixed Income and Equity Markets revenue of Credit Portfolio (190) (567) (137)$6.6B reflecting strong client revenues, down Credit Costs (429) (158) 33slightly from record 1Q10 resultsExpense 5,016 815 178Net Income $2,370 $869 ($101) 3 Credit Portfolio loss of $190mm, primarily Key Statistics ($B)2 reflecting the negative net impact of credit Overhead Ratio 61% 68% 58% valuation adjustments, largely offset by NII and Comp/Revenue 40% 30% 35%fees on retained loansEOP Loans $57.8 $56.9 $56.6 Allowance for Loan Losses $1.3 $1.9 $2.6 3 Credit cost benefit of $429mm reflecting a NPLs $2.6 $3.6 $2.7 reduction in the allowance primarily related to Net Charge-off Rate3 0.93% (0.17)% 4.83% loan sales and net repayments ALL / Loans3 2.52% 3.51% 4.91%3 Expense of $5.0B up 4% YoY due to higher ROE4 24% 15% 25%VAR ($mm)5 $83 $78 $82 compensation expense partially offset by lower R E S U L T S EOP Equity $40.0 $40.0 $40.0 non-compensation expense1 See note 1 on slide 192 Actual numbers for all periods, not over/under3Loans held-for-sale and loans at fair value were excluded when calculating the loan loss coverage ratio and net charge-off rate4 Calculated based on average equity of $40B F I N A N C I A L 35 Average Trading and Credit Portfolio VAR at 95% confidence interval

RetailFinancialServices¹ $inmillionsKeydrivers$O/(U)RetailBanking1Q114Q101Q10RetailFinancialServices Averagedepositsof$348.1Bup4%YoYand3%NetInterestIncome$4,630($199)($394)NoninterestRevenue1,645(2,051 )(1,107)QoQRevenue$6,275($2,250)($1,501)Expense5,2624381,020 Branchproductionstatistics:Pre-ProvisionPretax$1,013($2,688)($2,521) Checkingaccountsup3%YoYanddown2%CreditCosts1,326(1,130)(2,407)NetIncome($208)($916)($77)QoQEOPEquity ($B)²$28$28$28Mortgageoriginationsup54%YoYanddownROE^2,3 (3)%10%(2)%Memo:13%QoQRFSNetIncomeExcl.RealEstatePortfolios($46)($1,577)($1,201)ROEExcl.RealEstatePo rtfolios^2,4(1)%33%26% BusinessBankingoriginationsup57%YoYandflatQoQRetailBanking—KeyDrivers² ($inbillions)AverageDeposits$348.1$338.7$333.9DepositMargin2.92%3.00%3.02%MortgageBanking,Auto&Other ConsumerCheckingAccounts(mm)26.627.325.8#ofBranches5,2925,2685,155LendingBusinessBankingOriginations 1.41.40.9MortgageBanking,Auto&OtherConsumerLending—KeyDrivers²($inbillions) Totaloriginationsof$41.1B:MortgageLoanOriginations$36.2$50.8$31.7 Mortgageloanoriginationsup14%YoYand3rdPartyMtgLoansSvc’d(EOP)$955$968$1,075AutoOriginations$4.8$4.8$ 6.3down29%QoQAverageLoans$76.1$76.8$77.8RESULTS Autooriginationsdown24%YoYandflatQoQ¹Seenote1onslide19² Actualnumbersforallperiods,notover/under³Calculatedbasedonaverageequityof$28B⁴ Calculatedbasedonaverageequity;averageequityfor1Q11,4Q10and1Q10was$17.5B,$18.3Band$18.3B,respectivel yFINANCIAL4

RetailFinancialServicesRetailBankingandMortgageBanking,Auto&OtherConsumerLending$inmillions RetailBankingnetincomeof$891mmflatYoY: Totalrevenueof$4.4Bup2%YoYnetofthe$O/(U)impactoflowerdeposit-relatedfees1Q114Q101Q10RetailBanking Expenseup9%YoYresultingfrominvestmentsNetInterestIncome$2,659($34)$24insalesforceincreasesandnewbran chbuildsNoninterestIncome1,7564154Revenue$4,415$7$78 Creditcostsof$119mmdown38%YoYExpense2,802134225Pre-ProvisionPretax$1,613($127)($147) MortgageBanking,Auto&OtherConsumerCreditCosts11946(72)Lendingnetlossof$937mmcomparedwithnetNetIncome $891($63)($7)incomeof$257mmintheprioryear:MortgageBanking,Auto&OtherConsumerLending Totalrevenue,excludingMSRriskRevenue(excl.MSRRiskManagement)$1,933($569)$174MSRRiskManagement(1,237) (1,523)(1,389)managementresults,of$1.9Bup10%YoYRevenue696(2,092)(1,215)drivenbyhigheroriginationvolu mesandwiderMemo:RepurchaseLosses(Contra-Revenue)($420)($71)$12Expense2,105362859marginsPre-Provision Pretax($1,409)($2,454)($2,074)—Repurchaselossesof$420mm,down3%CreditCosts13185(86)YoYNetIncome($937 )($1,514)($1,194)—MSRriskmanagementlossesof$1.2B,includinga$1.1Bfairvalueadjustmentforincreasedserv icingcosts Expenseup21%QoQincluding$650mmforestimatedcostsofforeclosure-relatedmattersRESULTS Creditcostsof$131mmdown40%YoYFINANCIAL5

RetailFinancialServicesRealEstatePortfolios$inmillions Netlossof$162mmcomparedwithanet$O/(U)lossof$1.3Bintheprioryear1Q114Q101Q10 Totalrevenueof$1.2Bdown24%YoYRealEstatePortfoliosRevenue$1,164($165)($364)drivenbyadeclineinnetinter estExpense355(58)(64)incomeasaresultofportfoliorunoffPre-ProvisionPretax$809($107)($300)NetCharge-Of fs1,076(713)(999)andnarrowerloanspreadsChangeinAllowance-(548)(1,250) Expensedown15%YoYreflectingaCreditCosts1,076(1,261)(2,249)NetIncome($162)$661$1,124decreaseinforeclo sedassetexpenseMemo:ALL/EOPLoans^1,26.68%6.47%6.76% Creditcostsof$1.1Bdown68%YoY1KeyDrivers($inbillions)drivenbylowernetcharge-offsandtheTotalAverageLoa ns$219.7$227.2$251.2111.1114.9125.7absenceofadditionstotheallowanceAverageHomeEquityLoansOwned ³AverageMortgageLoansOwned³107.8111.4124.4forloanlossesinthecurrentquarter ¹Actualnumbersforallperiods,notover/under² Excludestheimpactofpurchasedcredit-impairedloansacquiredaspartoftheWaMutransaction.Anallowanceforloa nlossesof$4.9B,$4.9Band$2.8Bwasrecordedfortheseloansasof1Q11,4Q10and1Q10,respectively³ Includespurchasedcredit-impairedloansacquiredaspartoftheWaMutransactionRESULTSFINANCIAL6

HomeLendingupdateKeystatistics¹Overallcommentary4Q104Q101Q11AdjustedReported1Q10 Delinquenciesmodestlyimprovedin1Q11EOPownedportfolio($B)HomeEquity$85.3$88.4$97.7 HomeequityandsubprimemortgagenetPrimeMortgage,includingoptionARMs² 62.664.069.1SubprimeMortgage10.811.313.2charge-offsarerelativelyflat,whileprimeNetcharge-offs($mm)mo rtgagenetcharge-offsimprovedcomparedHomeEquity$720$725$792$1,126PrimeMortgage,includingoptionARMs³165252570482to4Q10adjustedSubprimeMortgage186182429457Total$1,071$1,159$1,791$2,065 NochangesintheallowanceforloanlossesNetcharge-offrate⁴ duringthequarterHomeEquity3.36%3.19%3.48%4.59%PrimeMortgage,includingoptionARMs1.06%1.55%3.51%2.84%S ubprimeMortgage6.80%6.12%14.42%13.43% NochangeinlossoutlookNonaccrualloans($mm)HomeEquity$1,263$1,263$1,427PrimeMortgage,includingoptionAR Ms³4,0934,2554,875SubprimeMortgage2,1062,2103,331¹ Excludes1Q11EOPhomeequity,primemortgage,subprimemortgageandoptionARMspurchasedcredit-impairedloansof $24.0B,$16.7B,$5.3Band$24.8Brespectively,acquiredaspartoftheWaMutransaction² Endingbalancesincludeallnoncredit-impairedprimemortgagebalancesheldbyRetailFinancialServices,includi ng$13.0B,$12.9Band$12.2Bfor1Q11,4Q10and1Q10,respectively,ofloansinsuredbyU.S.governmentagencies.Thes eloansareincludedinMortgageBanking,Auto&OtherConsumerLending³ Netcharge-offsandnonaccrualloansexcludeloansinsuredbyU.S.governmentagencies⁴ Loanbalancesusedinthecalculationoftheadjustednetcharge-offratesreflecttheimpactofthe$632mmadjustment oftheestimatednetrealizablevalueofthecollateralunderlyingRESULTSdelinquentresidentialhomeloansFINANC IAL7

CardServices$inmillions Netincomeof$1.3Bcomparedwithanetlossof$303mmintheprioryear$O/(U) Creditcostsof$226mmreflectlowernetcharge-offs1Q114Q101Q10andareductionof$2.0BtotheallowanceforloanRe venue$3,982($264)($465)losses,duetolowerestimatedlossesCreditCosts226(445)(3,286) Netcharge-offrate(excludingtheWaMuandExpense1,55541153CommercialCardportfolio)of6.20%downfromNetInco me$1,343$44$1,6467.08%in4Q10and10.54%in1Q10KeyStatisticsIncl.WaMuandCommercialCard($B)¹ ROO(pretax)6.73%6.03%(1.22)%End-of-periodoutstandings(excludingtheWaMuandROE ² 42%34%(8)%CommercialCardportfolio)of$115.0Bdown13%YoYEOPEquity$13.0$15.0$15.0and7%QoQKeyStatisticsEx cl.WaMuandCommercialCard($B)¹ Salesvolume(excludingtheWaMuandCommercialAvgOutstandings$118.1$121.5$137.2EOPOutstandings$115.0$123. 9$132.1Cardportfolio)of$75.2Bup12%YoYanddown10%SalesVolume$75.2$83.2$66.9QoQNewAcctsOpened(mm)2.63.4 2.5Revenueof$4.0Bdown10%YoYand6%QoQNetInterestIncomeRate9.25%9.16%8.86% Revenue(excludingtheWaMuandCommercialNetCharge-OffRate³ 6.20%7.08%10.54%Cardportfolio)down9%YoYand7%QoQ30+DayDelinquencyRate³3.25%3.66%4.99% ¹Actualnumbersforallperiods,notover/under.Statisticsincludeloansheldforsale Netinterestincomerate(excludingtheWaMuand² Calculatedbasedonaverageequity;1Q11,4Q10and1Q10averageequitywas$13B,$15Band$15B,respectivelyCommerci alCardportfolio)of9.25%upfrom9.16%in³ Seenote3onslide19RESULTS4Q10and8.86%in1Q10FINANCIAL8

CommercialBanking¹$inmillionsNetincomeof$546mmup40%YoY$O/(U) Averageloanbalancesup3%YoYand1%1Q114Q101Q10QoQRevenue$1,516($95)$100MiddleMarketBanking755(26)9 Averageliabilitybalancesof$156Bup17%YoYCorporateClientBanking290(12)27CommercialTermLending286(15)57 Revenueof$1.5Bup7%YoYRealEstateBanking88(29)(12)Other97(13)19 Creditcostsof$47mmCreditCosts47(105)(167)Expense563524 Netcharge-offsof$31mmdown86%YoYNetIncome$546$16$156and89%QoQKeyStatistics($B)² AverageLoans&Leases$99.6$98.4$96.6EOPLoans&Leases$100.2$98.9$95.7 Expenseup4%YoY;overheadratioof37%AverageLiabilityBalances³ $156.2$147.5$133.1AllowanceforLoanLosses$2.6$2.6$3.0NPLs$2.0$2.0$3.0NetCharge-OffRate⁴ 0.13%1.16%0.96%ALL/Loans⁴2.59%2.61%3.15%ROE⁵ 28%26%20%OverheadRatio37%35%38%EOPEquity$8.0$8.0$8.0¹Seenote1onslide19² Actualnumbersforallperiods,notover/under³ Includesdepositsanddepositsswepttoon-balancesheetliabilities⁴ Loansheld-for-saleandloansatfairvaluewereexcludedwhencalculatingtheloanlosscoverageratioandnetRESULT Scharge-offrate⁵Calculatedbasedonaverageequityof$8BFINANCIAL9

Treasury&SecuritiesServices¹$inmillions Netincomeof$316mmup13%YoYand23%QoQ$O/(U) Pretaxmarginof26%1Q114Q101Q10Revenue$1,840($73)$84 Liabilitybalancesup7%YoYWorldwideSecuritiesServices949(11)75TreasuryServices891(62)9 Recordassetsundercustodyof$16.6Tup9%Expense1,377(93)52YoYCreditAllocationIncome/(Expense) ²275757Revenueof$1.8Bup5%YoYNetIncome$316$59$373 WSSrevenueof$949mmup9%YoYKeyStatisticsAverageLiabilityBalances($B)⁴ $265.7$256.7$247.9 TSrevenueof$891mmup1%YoYAssetsunderCustody($T)$16.6$16.1$15.3PretaxMargin26%21%25% Expenseup4%YoYdrivenbycontinuedROE⁵ 18%16%17%investmentinnewproductplatforms,primarilyTSSFirmwideRevenue$2,445$2,637$2,450relatedtointer nationalexpansion,partiallyTSFirmwideRevenue$1,496$1,677$1,576offsetbythetransferoftheCommercialCard TSSFirmwideAverageLiabBal($B)⁴ $421.9$404.2$381.0businesstoCardServicesEOPEquity($B)$7.0$6.5$6.5 Creditallocationbenefitof$27mmrelatedto¹Seenotes1and4onslide19² IBmanagescreditexposuresrelatedtotheGlobalCorporateBank(“GCB”)onbehalfofIBsharedcreditportfolioandTS S.EffectiveJanuary1,2011,IBandTSSwillsharetheeconomicsrelatedtotheFirm’sGCBclients.Includedwithinthi sallocationarenetrevenues,provisionforcreditlossesaswellasexpenses.Prior-yearperiodsreflectedareimbu rsementtotheIBforaRESULTSportionofthetotalcostsofmanagingthecreditportfolio³ Actualnumbersforallperiods,notover/under⁴ Includesdepositsanddepositsswepttoon-balancesheetliabilities⁵ Calculatedbasedonaverageequity;1Q11,4Q10,and1Q10averageequitywas$7.0B,$6.5B,and$6.5BrespectivelyFINA NCIAL10

AssetManagement$inmillionsNetincomeof$466mmup19%YoY$O/(U) Pretaxmarginof31%1Q114Q101Q10 Revenueof$2.4Bup13%YoYduetotheeffectRevenue$2,406($207)$275PrivateBanking¹ 1,317(59)167ofhighermarketlevels,netinflowstoproductsInstitutional549(126)5withhighermarginsandhighe rloanRetail540(22)103originations,partiallyoffsetbylowerCreditCosts5(18)(30)performancefeesExpense1, 660(117)218NetIncome$466($41)$74Assetsundermanagementof$1.3Tup9%KeyStatistics($B)² YoY;Assetsundersupervisionof$1.9Tup12%AssetsunderManagement$1,330$1,298$1,219YoYAssetsunderSupervisi on$1,908$1,840$1,707AverageLoans$44.9$42.3$36.6 RecordAUMinflowstolong-termproductsofEOPLoans$46.5$44.1$37.1$27BforthequarterpartiallyoffsetbyAverag eDeposits$95.3$89.3$80.7outflowsinliquidityproductsof$9BPretaxMargin31%31%31%ROE³ 29%31%24% GoodglobalinvestmentperformanceEOPEquity$6.5$6.5$6.577%ofmutualfundAUMrankedinthefirst ¹ PrivateBankingisacombinationofthepreviouslydisclosedclientssegments:PrivateBank,PrivateWealthManagem entandJPMorganSecuritiesorsecondquartilesoverpastfiveyears;70%² Actualnumbersforallperiods,notover/under³ Calculatedbasedonaverageequityof$6.5Bover3-yearsand57%over1-yearSTLUS Expenseup15%YoYlargelyresultingfromanERincreaseinheadcountLAICNANI11F

Corporate/PrivateEquityNetIncome($inmillions)PrivateEquity$O/(U) PrivateEquityportfolioof$10.1B(7.7%of1Q114Q101Q10stockholders’equitylessgoodwill)PrivateEquity$383$2 05$328CorporateCorporate339488166 Corporate,excludingPrivateEquity,quarterlynetincomeshouldbe$300mm+/-NetIncome$722$693$494RESULTSFINA NCIAL12

Fortressbalancesheet$^,2$120$115$104BaselIIITier1CommonCapital^1,2,3 (Estimate)$116$112$96BaselIRisk-$1,194$1,175$1,147TotalAssets$2,198$2,118$2,1361,2BaselITier1CommonR atio10.0%9.8%9.1%BaselIIITier1CommonRatio^1,2,3(Estimate)7.3%7.0%6.2% Firmwidetotalcreditreservesof$30.4B;loanlosscoverageratioof4.10%⁴ Globalliquidityreserve$316B^1,5 Increasedannualdividendto$1.00pershareupfrom$0.20pershare Authorizedanew$15Bmulti-yearsharerepurchaseprogramS Upto$8Bmayberepurchasedin2011TLU¹Estimatedfor1Q11S²Seenote6onslide19ER ³RepresentstheFirm’sbestestimate,basedonitscurrentunderstandingofproposedrules⁴ Seenote2onslide19LA⁵ TheGlobalLiquidityReserverepresentscashondepositatcentralbanks,andthecashproceedsexpectedtobereceive dinconnectionwithsecuredfinancingofhighlyliquid,Iunencumberedsecurities(suchassovereigns,FDICandgove rnmentguaranteed,agencyandagencyMBS).Inaddition,theGlobalLiquidityReserveincludestheFirm’sborrowingC capacityattheFederalReserveBankdiscountwindowandvariousothercentralbanksandfromvariousFederalHomeLoa nBanks,whichcapacityismaintainedbytheFirmhavingNApledgedcollateraltoallsuchbanks.Theseamountsreprese ntpreliminaryestimateswhichmayberevisedintheFirm’s10-QfortheperiodendingMarch31,2011NNote:FirmwideLe vel3assetsareestimatedtobe5%oftotalFirmassetsatMarch31,2011I13F

OutlookRetailFinancialServicesCorporate/PrivateEquityHomeLendinglossguidance: PrivateEquityExpecttotalquarterlynetcharge-offsof Resultswillbevolatile$1.2B+/-CorporateRepurchaseslossesof$1.2B+/-annualized Corporate,excludingPrivateEquity,run-rateforremainderof2011quarterlynetincomeshouldbe$300mm+/-CardSe rvicesChaseexcludingWaMuandCommercialCardcreditlossesexpectedtocontinuetoimprove Chaselossesexpectedtobeapproximately5.5%+/-in2Q11 Wecouldachievethrough-the-cyclelossrateforChaseof4.5%+/-inmid-2012 Outstandingsshouldstabilizein2H11RESULTS End-of-periodoutstandingsof$120BforChaseand$10BforWaMubyyear-end2011FINANCIAL14

FINANCIALRESULTSAgendaAppendix1515Page

Consumercredit—delinquencytrends(Excl.purchasedcredit-impairedloansandWaMuandCommercialCardportfoli os)Note:DelinquenciespriortoSeptember2008areheritageChaseXPrimeMortgageexcludesloansheld-for-sale,As setManagementandU.S.Government-InsuredIDloansN¹Seenote3onslide19E² “Paymentholiday“in2Q09impacted30+dayand30-89daydelinquencytrendsin3Q09PP16A

Firmwidecoverageratiosremainstrong$inmillionsLoanLossReserveLoanLossReserve/NPLs¹ LoanLossReserve/TotalLoans¹ 6.00%NonperformingLoans500%5.00%400%38,18634,16135,8364.00%32,266300%30,63331,60229,07229,7503.00%20 0%27,3812.00%100%17,76717,56417,05016,17915,50314,78514,84113,44111,4011.00%0%1Q092Q093Q094Q091Q102Q 103Q104Q101Q11Peercomparison $29.8Bofloanlossreservesin1Q11,down1Q114Q10~$8.4Bfrom$38.2BoneyearagoreflectingJPM¹ JPM¹PeerAvg.² continuedimprovementinthecreditConsumerenvironment;loanlosscoverageratioofLLR/TotalLoans5.49%5.78%5. 51%LLR/NPLs240%255%194%4.10%¹WholesaleLLR/TotalLoans1.84%2.14%2.33% $7.5B(pretax)additioninallowanceforLLR/NPLs92%86%59%loanlossesrelatedtotheconsolidationofFirmwidecre ditcardreceivablesin1Q10LLR/TotalLoans4.10%4.46%4.47%XILLR/NPLs189%190%137%DN¹ Seenote2onslide19EP² Peeraveragereflectsequivalentmetricsforkeycompetitors.PeersaredefinedasC,BACandPWFCA17

IBleaguetablesLeaguetableresultsForYTDMarch31,2011,JPMranked:1Q20112010 #1inGlobalIBfeesRankShareRankShare#1inGlobalM&AAnnouncedBasedonfees: #1inGlobalLoanSyndicationsGlobalIBfees¹#18.6%#17.6% #3inGlobalDebt,Equity&Equity-relatedBasedonvolumes: #3inGlobalLong-termDebtGlobalDebt,Equity&Equity-related#36.6%#17.2% #7inGlobalEquity&Equity-relatedUSDebt,Equity&Equity-related#111.8%#111.1%GlobalEquity&Equity-related ²#75.7%#37.3%USEquity&Equity-related#49.5%#212.6%GlobalLong-termDebt³ #36.7%#27.2%USLong-termDebt³#111.8%#210.9%GlobalM&AAnnounced⁴ #126.8%#316.3%USM&AAnnounced^4,5 #144.5%#323.0%GlobalLoanSyndications#112.3%#18.5%USLoanSyndications#124.5%#219.3%Source:Dealogic¹GlobalIBfeesexcludemoney-market,short-termdebtandshelfdeals² Equity&Equity-relatedincluderightsofferingsandChineseA-Shares³ Long-termDebttablesincludeinvestment-grade,high-yield,ABS,MBS,coveredbonds,supranational,sovereignan dagencyissuance;excludemoneymarket,short-termdebtandU.S.municipalsecurities⁴ GlobalannouncedM&Aisbaseduponvalueatannouncement,withfullcredittoeachadvisor/equalifjoint;allotherra nkingsarebaseduponproceeds.Becauseofjointassignments,M&Amarketshareofallparticipantswilladduptomoret han100%.Rankingsreflecttheremovalofanywithdrawntransactions⁵ USM&ArepresentsanyUSinvolvementrankingAPPENDIX18

Notesonnon-GAAPfinancialmeasures1.InadditiontoanalyzingtheFirm’sresultsonareportedbasis,managementre viewstheFirm’sresultsandtheresultsofthelinesofbusinessona“managed“basis,whichisanon-GAAPfinancialmea sure.TheFirm’sdefinitionofmanagedbasisstartswiththereportedU.S.GAAPresultsandincludescertainreclassi ficationstopresenttotalnetrevenuefortheFirm(andeachofthebusinesssegments)onaFTEbasis.Accordingly,rev enuefromtax-exemptsecuritiesandinvestmentsthatreceivetaxcreditsispresentedinthemanagedresultsonabasi scomparabletotaxablesecuritiesandinvestments.Thisnon-GAAPfinancialmeasureallowsmanagementtoassessthe comparabilityofrevenuearisingfrombothtaxableandtax-exemptsources.Thecorrespondingincometaximpactrela tedtotax-exemptitemsisrecordedwithinincometaxexpense.Theseadjustmentshavenoimpactonnetincomeasreport edbytheFirmasawholeorbythelinesofbusiness.2.Theratiooftheallowanceforloanlossestoend-of-periodloanse xcludesthefollowing:loansaccountedforatfairvalueandloansheld-for-sale;purchasedcredit-impaired(“PCI” )loans;andtheallowanceforloanlossesrelatedtoPCIloans.Additionally,RealEstatePortfoliosnetcharge-offs excludetheimpactofPCIloans.Theallowanceforloanlossesrelatedtothepurchasedcredit-impairedportfoliotot aled$4.9billion,$4.9billionand$2.8billionatMarch31,2011,December31,2010,andMarch31,2010,respectively         .3.InCardServices,supplementalinformationisprovidedforChase,excludingWashingtonMutualandCommercialCa rdportfolios,toprovidemoremeaningfulmeasuresthatenablecomparabilitywithpriorperiods.4.Treasury&Secur itiesServicesfirmwidemetricsincludecertainTSSproductrevenueandliabilitybalancesreportedinotherlineso fbusinessrelatedtocustomerswhoarealsocustomersofthoseotherlinesofbusiness.Inordertocapturethefirmwid eimpactofTSSproductsandrevenue,managementreviewsfirmwidemetricssuchasliabilitybalances,revenueandove rheadratiosinassessingfinancialperformanceforTSS.Firmwidemetricsarenecessary,inmanagement’sview,inor dertounderstandtheaggregateTSSbusiness.5.Pretaxmarginrepresentsincomebeforeincometaxexpensedividedby totalnetrevenue,whichis,inmanagement’sview,acomprehensivemeasureofpretaxperformancederivedbymeasurin gearningsafterallcostsaretakenintoconsideration.Itis,therefore,anotherbasisthatmanagementusestoevalu atetheperformanceofTSSandAMagainsttheperformanceoftheirrespectivecompetitors.6.BaselITier1commonrati oandBaselIIITier1commonratioisTier1commondividedbyrisk-weightedassets.Tier1commonisdefinedasTier1cap itallesselementsofcapitalnotintheformofcommonequity—suchasperpetualpreferredstock,noncontrollingint erestsinsubsidiariesandtrustpreferredcapitaldebtsecurities.Tier1common,anon-GAAPfinancialmeasure,isu sedbybankingregulators,investorsandanalyststoassessandcomparethequalityandcompositionoftheFirm’scapi talwiththecapitalofotherfinancialservicescompanies.TheFirmusesTier1commonalongwiththeothercapitalmea surestoassessandmonitoritscapitalposition.7.Tangiblecommonequity(“TCE”)representscommonstockholders’ equity(i.e.,totalstockholders’equitylesspreferredstock)lessidentifiableintangibleassets(otherthanMSR s)andgoodwill,netofrelateddeferredtaxliabilities.Returnontangiblecommonequity(“ROTCE”),anon-GAAPfina ncialratio,measurestheFirm’searningsasapercentageofTCEandis,inmanagement’sview,ameaningfulmeasuretoa ssesstheFirm’suseofequity.8.Headcount-relatedexpenseincludessalaryandbenefits(excludingperformance-b asedincentives),andothernoncompensationcostsrelatedtoemployees.APPENDIX19

Forward-lookingstatementsThispresentationcontainsforward-lookingstatementswithinthemeaningofthePriva teSecuritiesLitigationReformActof1995.SuchstatementsarebaseduponthecurrentbeliefsandexpectationsofJP MorganChase&Co.’smanagementandaresubjecttosignificantrisksanduncertainties.Actualresultsmaydifferfro mthosesetforthintheforward-lookingstatements.FactorsthatcouldcauseJPMorganChase&Co.’sactualresultsto differmateriallyfromthosedescribedintheforward-lookingstatementscanbefoundinJPMorganChase&Co.’sAnnua lReportonForm10-KfortheyearendedDecember31,2010,whichhasbeenfiledwiththeSecuritiesandExchangeCommiss ionandisavailableonJPMorganChase&Co.’swebsite(www.jpmorganchase.com)andontheSecuritiesandExchangeCom mission’swebsite(www.sec.gov).JPMorganChase&Co.doesnotundertaketoupdatetheforward-lookingstatementst oreflecttheimpactofcircumstancesoreventsthatmayariseafterthedateoftheforward-lookingstatements.APPEN DIX20