FINANCIAL RESULTS

3Q10

October 13, 2010

 3Q10 Financial highlights

3Q10 Net income of $4.4B; EPS of $1.01; revenue1 of $24.3B

Results include the following significant items:

$ in millions, excluding EPS

Net Income EPS

Card reduction to loan loss allowance $930 $0.22

Corporate increase to litigation reserve (776) (0.18)

RFS increase to mortgage repurchase reserve (622) (0.15)

Delivered solid business results, combined with reduced credit costs:

Investment Bank reported solid earnings; #1 year-to-date rankings for Global Investment Banking Fees
and Global Debt, Equity and Equity-related

Retail Financial Services reported strong mortgage loan production; continued to invest in new branches
and sales force

Card Services sales volume up compared with prior year and quarter; 2.7mm new accounts opened
during the quarter; net charge-offs and delinquencies continued to improve

Commercial Banking reported record quarterly revenue; completed purchase of $3.5B loan portfolio
FINANCIAL RESULTS

Asset Management had strong net inflows of $38B during the quarter; added over 300 client advisors and
brokers year-to-date

Tier 1 Common2 of $110.8B, or 9.5%; Credit reserves at $35.0B; loan loss coverage ratio at 5.12% of total
loans3
1 See note 1 on slide 22
2
1
See note 3 on slide 22
3 See note 2 on slide 22
 3Q10 Financial results1

$ in millions, excluding EPS

$ O/(U)

3Q10 2Q10 3Q09

Revenue (FTE)1 $24,335 ($1,278) ($4,445)

Credit Costs1 3,223 (140) (6,579)
Expense 14,398 (233) 943
Reported Net Income $4,418 ($377) $830
Net Income Applicable to Common $4,019 ($344) $779
Reported EPS $1.01 ($0.08) $0.19

ROE2 10% 12% 9%

ROE Net of GW 2 15% 17% 13%

ROTCE2,3 15% 17% 14%

FINANCIAL RESULTS

1 Revenue is on a fully taxable-equivalent (FTE) basis. See note 1 on slide 22

2 Actual numbers for all periods, not over/under
3 See note 4 on slide 22

2
 Investment Bank

$ in millions
Net income of $1.3B on revenue of $5.4B

$ O/(U)
ROE of 13%

3Q10 2Q10 3Q09
IB fees of $1.5B down 9% YoY

Revenue $5,353 ($979) ($2,155)
Ranked #1 YTD in Global Investment Banking
Investment Banking Fees 1,502 97 (156) Fees
Fixed Income Markets 3,123 (440) (1,888)
Equity Markets 1,135 97 194
Fixed Income Markets revenue of $3.1B down 38%
Credit Portfolio (407) (733) (305) YoY, reflecting lower results in credit and rates
Credit Costs (142) 183 (521) markets
Expense 3,704 (818) (570)
Net Income $1,286 ($95) ($635)
Equity Markets revenue of $1.1B reflecting solid
Key Statistics ($B)1 client revenue
Overhead Ratio 69% 71% 57%
2

Credit Portfolio loss of ($407)mm primarily
Comp/Revenue 38% 37% 37%
reflecting negative net impact of credit spreads on
EOP Loans $53.6 $57.3 $60.3
derivative assets and liabilities partially offset by
Allowance for Loan Losses $2.0 $2.1 $4.7
NII and fees on retained loans
NPLs $2.4 $2.3 $4.9

Net Charge-off Rate3 0.25% 0.21% 4.86%
Credit cost benefit of $142mm reflecting a
ALL / Loans 3 3.85% 3.98% 8.44% reduction in allowance largely related to net
4
ROE 13% 14% 23% repayments and loan sales
5 $99 $90 $143
VAR ($mm)
FINANCIAL RESULTS

EOP Equity $40.0 $40.0 $33.0
Expense of $3.7B down 13% YoY, primarily due to
1 Actual numbers for all periods, not over/under
lower performance-based compensation
2 2Q10 excludes payroll tax expense related to the U.K. Bank Payroll Tax on certain compensation

awarded from 12/9/2009 to 4/5/2010 to relevant banking employees, which is a non-GAAP financial
measure
3 Loans held-for-sale and loans at fair value were excluded when calculating the loan loss coverage

ratio and net charge-off rate

4 Calculated based on average equity; 3Q10, 2Q10 and 3Q09 average equity was $40B, $40B, and

$33B, respectively
5 Average Trading and Credit Portfolio VAR at 95% confidence interval 3
 Retail Financial Services

$ in millions
Retail Financial Services net income of $907mm compared with

$7mm in the prior year
$ O/(U)

Retail Banking net income of $848mm down 19% YoY:
3Q10 2Q10 3Q09

Total revenue of $4.4B down 3% YoY driven by declining
Retail Financial Services
deposit-related fees, largely offset by a shift to wider-spread
Net income $907 ($135) $900
deposit products and higher debit card income
ROE1,2 13% 15% -
1

Credit costs of $175mm down 16% YoY
EOP Equity ($B) $28 $28 $25

Expense up 5% YoY resulting from sales force increases in
Retail Banking
Business Banking and bank branches
Net Interest Income 2,745 33 13
Noninterest Revenue 1,691 7 (153)
Mortgage Banking & Other Consumer Lending net income of
Total Revenue $4,436 $40 ($140) $207mm down 50% YoY:
Credit Costs 175 7 (33)
Mortgage Banking net income of $26mm down $254mm YoY
Expense 2,779 146 133
– Mortgage Banking total revenue, excluding repurchase
Net Income $848 ($66) ($195)
losses, of $2.5B up 45% YoY driven by higher origination
Mortgage Banking & Other Consumer Lending
volumes and wider margins
Net Interest Income 809 17 (25)
Noninterest Revenue 1,076 (180) (125) – Repurchase losses of $1.5B, up $1.0B YoY
Total Revenue $1,885 ($163) ($150)
– Mortgage Banking expense up 21% YoY due to default-
Credit Costs 176 1 (46) related costs and higher production volumes
Expense 1,348 105 209

Auto net income of $197mm up $84mm YoY reflecting lower net
Net Income $207 ($157) ($205)
charge-offs
RFS Net Income Excl. Real Estate Portfolios $1,055 ($223) ($400)

Real Estate Portfolios net loss of $148mm compared with a net
ROE1,3 23% 28% 38%
loss of $1.4B in the prior year
Real Estate Portfolios
Total revenue of $1.3B down 18% YoY due to balance run-off
FINANCIAL RESULTS

Net Interest Income 1,304 (9) (284) and a decline in mortgage loan yields
Noninterest Revenue 21 (31) 2
Credit costs of $1.2B on lower net charge-offs reflecting
Total Revenue $1,325 ($40) ($282) improved delinquency trends, and absence of reserve build
Credit Costs 1,197 (175) (2,361)
Expense down 5% YoY
Expense 390 (15) (21)
Net Income ($148) $88 $1,300
1 Actual numbers for all periods, not over/under
2 Calculated based on average equity; average equity for 3Q10, 2Q10 and 3Q09 was $28B, $28B and $25B,
respectively
4
3 Calculated based on average equity; average equity for 3Q10, 2Q10 and 3Q09 was $18.3B, $18.3B and $15.2B,

respectively
 Retail Financial Services — drivers

Retail Banking ($ in billions)
Average deposits of $335.5B down 1% both YoY and QoQ:
3Q10 2Q10 3Q09
Deposit margin expansion YoY and QoQ reflects the portfolio shift
to wider spread deposit products
Key Statistics
Average Deposits $335.5 $337.8 $339.6
Branch production statistics:
Deposit Margin 3.08% 3.05% 2.99%
Checking accounts up 6% YoY and 3% QoQ
Checking Accts (mm) 27.0 26.4 25.5

Credit card sales up 1% YoY and down 10% QoQ
# of Branches 5,192 5,159 5,126

Mortgage originations up 37% YoY and 14% QoQ
# of ATMs 15,815 15,654 15,038

Investment sales down 7% YoY and up 1% QoQ
Investment Sales ($mm) $5,798 $5,756 $6,243
Business Banking Originations $1.2 $1.2 $0.5
Business Banking originations up 91% YoY and down 8% QoQ
Avg Business Banking Loans $16.6 $16.7 $17.6

Mortgage Banking & Other Consumer Lending ($ in billions)

3Q10 2Q10 3Q09
Total Mortgage Banking & Other Consumer Lending originations of
Key Statistics $47.2B:
Mortgage Loan Originations $40.9 $32.2 $37.1
Mortgage loan originations up 10% YoY and 27% QoQ
3rd Party Mortgage Loans Svc'd $1,013 $1,055 $1,099
Auto originations down 12% YoY and up 5% QoQ:
Auto Originations $6.1 $5.8 $6.9
– Decrease YoY driven primarily by CARS program in prior year
Avg Loans $76.1 $77.8 $67.5
Auto $47.7 $47.5 $43.3
3rd party mortgage loans serviced down 8% YoY and 4% QoQ
1
Mortgage $13.6 $13.6 $8.9
Student Loans and Other $14.8 $16.7 $15.3

Real Estate Portfolios ($ in billions)

FINANCIAL RESULTS

3Q10 2Q10 3Q09
Average loans decreased 12% YoY and 3% QoQ reflecting run-off in
Key Statistics the portfolios
ALL / Loans (excl. credit-impaired) 7.25% 7.01% 5.72%
2
Avg Home Equity Loans Owned $118.5 $122.0 $134.0
Avg Mortgage Loans Owned2 $115.0 $119.7 $131.1
1 Predominantly represents loans repurchased from Government National Mortgage Associated
(GNMA) pools, which are insured by U.S. government agencies
5
2 Includes purchased credit-impaired loans acquired as part of the WaMu transaction
 Home Lending update

Key statistics1 Overall commentary

3Q10 2Q10 3Q09
Delinquencies in 3Q flat QoQ

EO P ow ned portf olio ($B)
Home Equity $91.7 $94.8 $104.8
It is not clear when we will see delinquencies
2
Prime Mortgage 56.7 57.8 60.1 improve
Subprime Mortgage 12.0 12.6 13.3
Net ch arge-offs ($mm)
Home Equity $730 $796 $1,142 Outlook
3
Prime Mortgage 265 264 525
Subprime Mortgage 206 282 422
Quarterly losses could be:
Net ch arge-off rate
$1B for Home Equity
Home Equity 3.10% 3.32% 4.25%

$0.4B for Prime Mortgage
Prime Mortgage 1.84% 1.79% 3.45%
Subprime Mortgage 6.64% 8.63% 12.31%

$0.4B for Subprime Mortgage
Nonperforming loans ($mm)
Home Equity $1,251 $1,211 $1,598
Purchased credit-impaired loans
Prime Mortgage 3 4,360 4,594 3,974
Subprime Mortgage 2,649 3,115 3,233
Total purchased credit-impaired portfolio divided
1 Excludes 3Q10 EOP home equity, prime mortgage and subprime mortgage purchased credit- into separate pools for impairment analysis
impaired loans of $25.0B, $17.9B and $5.5B, respectively, acquired as part of the WaMu
transaction
2 Ending balances include all noncredit-impaired prime mortgage balances held by Retail

Financial Services, including $12.4B, $12.0B and $8.6B for 3Q10, 2Q10 and 3Q09, respectively,

No increase in the allowance for loan losses
of loans repurchased from GNMA pools that are insured by U.S. government agencies. These
loans are included in Mortgage Banking & Other Consumer Lending
during the quarter
3 Net charge-offs and nonperforming loans exclude loans repurchased from GNMA pools that are
FINANCIAL RESULTS

insured by U.S. government agencies

If delinquencies and severities remain flat –
additional impairment over the next two years
could be $3B+/-

6
 Card Services1

$ in millions
Net income of $735mm compared with a net loss

of $700mm in the prior year
$ O/(U)

Credit costs of $1.6B reflect lower net charge-offs

3Q10 2Q10 3Q09
and a reduction of $1.5B to the allowance for
Revenue $4,253 $36 ($906)
loan losses, reflecting lower estimated losses
Credit Costs 1,633 (588) (3,334)
Expense 1,445 9 139
Net charge-off rate (excluding the WaMu
Net Income $735 $392 $1,435 portfolio) of 8.06% down from 9.02% in 2Q10
Key Statistics Incl. WaMu ($B) 2 and 9.41% in 3Q09
ROO (pretax) 3.33% 1.54% (2.61)%
ROE 3
19% 9% (19)%

End-of-period outstandings (excluding the WaMu
EOP Equity $15.0 $15.0 $15.0 portfolio) of $121.9B down 15% YoY and 4%
Key Statistics Excl. WaMu ($B)2
QoQ
Avg Outstandings $124.9 $129.8 $146.9

Sales volume (excluding the WaMu portfolio) of
EOP Outstandings $121.9 $127.4 $144.1
$76.8B up 8% YoY and 2% QoQ
Sales Volume $76.8 $75.4 $71.2
New Accts Opened (mm) 2.7 2.7 2.4

Revenue of $4.3B down 18% YoY and up 1%
Net Interest Margin 8.98% 8.47% 9.10% QoQ
Net Charge-Off Rate 8.06% 9.02% 9.41%

Revenue (excluding the WaMu portfolio) down
30+ Day Delinquency Rate 4.13% 4.48% 5.38%
1
13% YoY and up 1% QoQ
See note 1 on slide 22
2 Actual numbers for all periods, not over/under
3 Calculated based on average equity; 3Q10, 2Q10 and 3Q09 average equity was $15B

Net interest margin (excluding the WaMu
FINANCIAL RESULTS

portfolio) of 8.98% up from 8.47% in 2Q10 and

down from 9.10% in 3Q09

Expense up 11% YoY due to higher marketing

expense
7
 Commercial Banking1

$ in millions
Net income of $471mm up 38% YoY

$ O/(U)

Average loan balances down 7% YoY and up 1%
3Q10 2Q10 3Q09 QoQ
Revenue $1,527 $41 $68
QoQ increase reflects acquisition of a $3.5B
Middle Market Banking 766 (1) (5) loan portfolio
Commercial Term Lending 256 19 24
Mid-Corporate Banking 304 19 26
Average liability balances of $137.9B up 26% YoY
Real Estate Banking 118 (7) (3)
Other 83 11 26
Record revenue of $1.5B up 5% YoY
Credit Costs 166 401 (189)
Expense 560 18 15
Credit costs were $166mm
Net Income $471 ($222) $130
Key Statistics ($B)2

Net charge-offs of $218mm down 25% YoY and
Avg Loans & Leases $97.0 $95.9 $104.0 up 24% QoQ
EOP Loans & Leases $98.1 $95.5 $101.9 – QoQ increase largely related to commercial
Avg Liability Balances 3 $137.9 $136.8 $109.3 real estate
Allowance for Loan Losses $2.7 $2.7 $3.1
NPLs $2.9 $3.1 $2.3
Expense up 3% YoY; overhead ratio of 37%
Net Charge-Off Rate4 0.89% 0.74% 1.11%
4 2.72% 2.82% 3.01%
ALL / Loans
5
ROE 23% 35% 17%
Overhead Ratio 37% 36% 37%
EOP Equity $8.0 $8.0 $8.0
FINANCIAL RESULTS

1 See note 1 on slide 22

2 Actual numbers for all periods, not over/under
3 Includes deposits and deposits swept to on-balance sheet liabilities
4 Loans held-for-sale and loans at fair value were excluded when calculating the loan loss coverage

ratio and net charge-off rate

5 Calculated based on average equity; 3Q10, 2Q10 and 3Q09 average equity was $8B

8
 Treasury & Securities Services

$ in millions
Net income of $251mm down 17% YoY and 14%

QoQ
$ O/(U)

Pretax margin of 21%
3Q10 2Q10 3Q09
QoQ decrease due to a decline in securities
Revenue $1,831 ($50) $43 lending and depositary receipts revenue
Treasury Services 937 11 18 reflecting seasonal activity
Worldwide Securities Services 894 (61) 25

Liability balances up 5% YoY
Expense 1,410 11 130
Net Income $251 ($41) ($51)
Assets under custody up 7% YoY
1
Key Statistics
Avg Liability Balances ($B)2 $242.5 $246.7 $231.5
Revenue of $1.8B up 2% YoY
Assets under Custody ($T) $15.9 $14.9 $14.9
TS revenue of $937mm up 2% YoY
Pretax Margin 21% 25% 26%
WSS revenue of $894mm up 3% YoY
ROE3 15% 18% 24%

Expense up 10% YoY driven by continued
TSS Firmwide Revenue $2,565 $2,608 $2,523 investment primarily related to international
TS Firmwide Revenue $1,671 $1,653 $1,654 expansion
TSS Firmwide Avg Liab Bal ($B)2 $380.4 $383.5 $340.8
EOP Equity ($B) $6.5 $6.5 $5.0

1 Actual numbers for all periods, not over/under

2 Includes deposits and deposits swept to on-balance sheet liabilities
3 Calculated based on average equity; 3Q10, 2Q10, and 3Q09 average equity was $6.5B, $6.5B, and
FINANCIAL RESULTS

$5.0B respectively

9
 Asset Management

$ in millions
Net income of $420mm down 2% YoY

$ O/(U)
Pretax margin of 30%
3Q10 2Q10 3Q09
Revenue of $2.2B up 4% YoY due to higher loan
Revenue $2,172 $104 $87 originations, the effect of higher market levels and
1
Private Banking 1,181 28 101 net inflows to products with higher margins,
Institutional 506 51 (28) partially offset by narrower deposit spreads, lower
Retail 485 25 14 brokerage revenue and lower quarterly valuations
Credit Costs 23 18 (15)
of seed capital investments
Expense 1,488 83 137
Net Income $420 $29 ($10)
Assets under management of $1.3T flat YoY;
2
Key Statistics ($B) Assets under supervision of $1.8T up 6% YoY
Assets under Management $1,257 $1,161 $1,259

AUM inflows in liquidity products of $27B and
Assets under Supervision $1,770 $1,640 $1,670
long-term products of $11B for the quarter
Average Loans $39.4 $37.4 $34.8
EOP Loans $41.4 $38.7 $35.9
Good global investment performance
Average Deposits $87.8 $86.5 $73.6
74% of mutual fund AUM ranked in the first or
Pretax Margin 30% 32% 33% second quartiles over past five years; 65% over
ROE 3
26% 24% 24% past three years; 67% over one year
EOP Equity $6.5 $6.5 $7.0
1 Private

Expense up 10% YoY due to higher headcount
Banking is a combination of the previously disclosed clients segments: Private Bank, Private
Wealth Management and JPMorgan Securities
2 Actual numbers for all periods, not over/under
FINANCIAL RESULTS

3 Calculated based on average equity; 3Q10, 2Q10 and 3Q09 average equity was $6.5B, $6.5B and

$7.0B, respectively

10
 Corporate/Private Equity

Net Income ($ in millions) Private Equity

$ O/(U)
Private Equity gains of $750mm

3Q10 2Q10 3Q09
Private Equity portfolio of $9.4B (7.5% of

Private Equity $344 $333 $256 stockholders’ equity less goodwill)

Corporate 4 (638) (1,195) Corporate

Investment portfolio results down YoY due to

Net Income $348 ($305) ($939)
lower net interest income, trading and securities
gains

Noninterest expense reflects an increase of $1.3B

(pretax) for litigation reserves, including those for
mortgage-related matters
FINANCIAL RESULTS

11
 Fortress balance sheet

$ in billions

3Q10 2Q10 3Q09

1
Tier 1 Capital $139 $137 $127
1,2
Tier 1 Common Capital $111 $108 $101
1
Risk-Weighted Assets $1,169 $1,131 $1,238
Total Assets $2,142 $2,014 $2,041
1
Tier 1 Capital Ratio 11.9% 12.1% 10.2%
1,2
Tier 1 Common Ratio 9.5% 9.6% 8.2%

Firmwide total credit reserves of $35.0B; loan loss coverage ratio of 5.12%3

Global liquidity reserve of $272B1,4

Repurchased $2.2B and $2.6B of common stock in 3Q10 and YTD 2010, respectively
FINANCIAL RESULTS

1 Estimated for 3Q10

2 See note 3 on slide 22
3 See note 2 on slide 22
4 The Global Liquidity Reserve represents cash on deposit at central banks, and the cash proceeds expected to be received in connection with secured

financing of highly liquid, unencumbered securities (such as sovereigns, FDIC and government guaranteed, agency and agency MBS). In addition, the Global
Liquidity Reserve includes the firm’s borrowing capacity at the Federal Reserve Bank discount window and various other central banks and from various
Federal Home Loan Banks, which capacity is maintained by the firm having pledged collateral to all such banks. These amounts represent preliminary
estimates which may be revised in the firm’s 10Q for the period ending September 30, 2010
Note: Firmwide Level 3 assets are expected to be 6% of total firm assets at September 30, 2010

12
 Outlook

Retail Financial Services Card Services

Home Lending loss guidance:
EOP outstandings for Chase (excluding WaMu) are

Quarterly losses could be: projected to decline by 15% or $21B YoY in 2010 to
– $1B for Home Equity $123B
– $0.4B for Prime Mortgage
More than half of the decline in receivables is driven
– $0.4B for Subprime Mortgage by planned pullback in balance transfer offers

Receivables projected to bottom out in 3Q11 and end

NSF/OD policy changes:
the year in 2011 at $120B, reflecting a better mix of

Net income impact of $700mm +/-
customer

Full run-rate impact in 3Q

WaMu portfolio declined to $15B in 3Q10 from $20B at
year-end 2009, expected to decline to $10B by end of
Corporate/Private Equity
2011

Corporate quarterly net income expected to decline to

Chase and WaMu credit losses expected to continue to
$300mm+/-, subject to the size and duration of the
improve
investment securities portfolio

Chase losses expected to be approximately
7.50%+/- in 4Q10

Total net income impact from the CARD Act, including

reasonable and proportional fee changes is
approximately $750mm+/-

65% of run-rate included in 3Q10 with expectations
FINANCIAL RESULTS

of full run-rate impact in 4Q10

13
 We’re addressing the foreclosure affidavit issues

Issues have been identified relating to mortgage foreclosure affidavits, such as where:

Signers did not personally review the underlying loan files, but instead relied on the work of
others (who personally conducted reviews of the underlying loan files)

Affidavits were not properly notarized

Affidavits differ by jurisdiction, but in general the types of information attested to include the
following:

Name of borrower(s), property address, date of Note, borrower has defaulted and not cured
the default, amount of indebtedness

We are currently reviewing +/-115,000 loan files that are in the foreclosure process

We will re-file affidavits where appropriate

We have delayed foreclosure sales in these states and will re-initiate when appropriate

New processes are being put in place to ensure we fulfill all procedural requirements on a go-
forward basis

We take these matters very seriously and have dedicated significant resources to these efforts
FINANCIAL RESULTS

14
 Our priority is foreclosure avoidance

Based on our processes and reviews to date, we believe underlying foreclosure decisions
were justified by the facts and circumstances

We are comfortable that our process between initial delinquency and foreclosure is robust
and we make every effort to avoid foreclosure

We begin contact at 15 days delinquent

We send numerous letters and make numerous calls to borrowers before foreclosure
referral

In 2009, we established a separate group to review loans before we take foreclosure
actions

Since January 2009, we have prevented 429,000 foreclosures through modifications,
short sales and other loss mitigation actions

By the time of foreclosure sale, on average borrowers are 14 months delinquent

The proper response if mistakes are found is to address them individually – which we will
do; avoiding further damage to an already weak housing market should be a priority
FINANCIAL RESULTS

15
 Agenda

Page

Appendix 16
FINANCIAL RESULTS

16
 Consumer credit — delinquency trends (Excl. purchased credit-impaired loans)

Home Equity delinquency trend ($ in millions) Prime Mortgage delinquency trend ($ in millions)

$4,000 30+ day delinquencies 30 – 150 day delinquencies $6,500

30+ day delinquencies 30 – 150 day delinquencies
150+ day delinquencies 150+ day delinquencies
$5,200
$3,000

$3,900
$2,000
$2,600

$1,000
$1,300

$0 $0
Mar-08 Aug-08 Mar-09 Aug-09 Mar-10 Sep-10 Mar-08 Aug-08 Mar-09 Aug-09 Mar-10 Sep-10

Subprime Mortgage delinquency trend ($ in millions) Card Services delinquency trend1,2 — Excl. WaMu ($ in millions)

$5,000 30+ day delinquencies 30 – 150 day delinquencies

$8,500 30+ day delinquencies 30-89 day delinquencies
150+ day delinquencies
$4,000 $7,200

$3,000 $5,900

$2,000 $4,600

$1,000 $3,300

$0 $2,000
Mar-08 Aug-08 Mar-09 Aug-09 Mar-10 Sep-10 Mar-08 Aug-08 Mar-09 Aug-09 Mar-10 Sep-10

Note: Delinquencies prior to September 2008 are heritage Chase

APPENDIX

Prime Mortgage excludes held-for-sale, Asset Management and Government Insured loans
1 See note 1 on slide 22
2 “Payment holiday” in 2Q09 impacted 30+ day and 30-89 day delinquency trends in 3Q09

17
 Firmwide coverage ratio remains strong

($ in millions)

Loan Loss Reserve/Total Loans1 Loan Loss Reserve Loan Loss Reserve/NPLs1
6.00% 500%
Nonperforming Loans

5.00% 38,186 400%

34,161
30,633 31,602 35,836
4.00% 300%
29,072
27,381
3.00% 200%
23,164
19,052
2.00% 100%
17,767 17,564 17,050 16,179 15,503
14,785
8,953 11,401
6,933
1.00% 0%
3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

Peer comparison
$34.2B of loan loss reserves in 3Q10, up

3 Q1 0 2Q 10 ~$15.1B from $19.1B two years ago; loan loss
JPM 1
JPM 1
P eer A vg . 2
coverage ratio of 5.12%1
Consumer
LLR/ Total Loa ns 6.69 % 6.88 % 5.7 5%
$7.5B (pretax) addition in allowance for
LLR/ NPLs 268 % 265 % 18 1% loan losses predominantly related to the
Whole sale consolidation of credit card receivables in
LLR/ Total Loa ns 2.28 % 2.42 % 2.9 5%
LLR/ NPLs 95 % 97 % 6 3%
1Q103
Firmwide
APPENDIX

LLR/ Total Loa ns 5.12 % 5.34 % 4.8 7%

LLR/ NPLs 208 % 209 % 13 1%
1 See note 2 on slide 22
2 Peer average reflects equivalent metrics for C, BAC and WFC
3 See note 1 on slide 22 18
 IB League Tables

League table results
For YTD September 30, 2010, JPM ranked:
YTD Sep 2010 2009

#1 in Global IB fees
Rank Share Rank Share

#1 in Global Debt, Equity & Equity-related
Based on fees:

#1 in Global Equity & Equity-related
1
Global IB fees #1 7.6% #1 9.0%

#1 in Global Long-term Debt
Based on volumes:

#2 in Global M&A Announced
Global Debt, Equity & Equity-related #1 7.4% #1 8.8%

#2 in Global Loan Syndications
US Debt, Equity & Equity-related #1 11.4% #1 14.8%
2
Global Equity & Equity-related #1 7.9% #1 11.6%

US Equity & Equity-related #1 15.8% #2 15.6%

3
Global Long-term Debt #1 7.4% #1 8.4%

3
US Long-term Debt #1 11.1% #1 14.1%

Global M&A Announced 4 #2 18.2% #3 23.4%

4,5
US M&A Announced #3 22.8% #2 35.8%

Global Loan Syndications #2 8.5% #1 8.1%

US Loan Syndications #2 19.8% #1 21.8%

Source: Dealogic
1 Global IB fees exclude money market, short term debt and shelf deals
2 Equity & Equity-related include rights offerings and Chinese A-Shares
3 Long-term Debt tables include investment grade, high yield, ABS, MBS, covered bonds,

supranational, sovereign and agency issuance; exclude money market, short term debt and U.S.
municipal securities
4 Global announced M&A is based upon transaction value at announcement; all other rankings are

based upon transaction proceeds, with full credit to each book manager/equal if joint. Because of
APPENDIX

joint assignments, market share of all participants will add up to more than 100%. Rankings reflect
the removal of any withdrawn transactions
5 US M&A represents any US involvement ranking

Note: Rankings for 9/30/2010 run as of 10/1/2010; 2009 represents Full Year

19
 Foreclosure review process

A separate group performs additional reviews on all loans going to foreclosure

Sample of items reviewed

Does the loan meet the required delinquency criteria?

Have the appropriate demand letters and notices been sent?

Is the loan currently in any form of active Loss Mitigation?

Is the loan eligible for a HAMP modification?

Does the loan qualify for any moratoriums?

Have funds in suspense been properly applied?

Is there any evidence of misapplication of funds?

Is there a payment dispute?

Is there a Promise to Pay?

Have at least 3 contact attempts been made in the past 90 days?

Why is the loan being referred to foreclosure?

In September, over 150,000 loan files were reviewed prior to referral

On average 30,000 loans that are scheduled for sale are reviewed each month
APPENDIX

20
 Delinquent loan facts

Average delinquency at foreclosure is 448 days

Florida 678 days

NY 792 days

~35-40% of homes are vacant at the time of foreclosure sale

~20% of all loans in active foreclosure are non-owner occupied on the application

Around half of seriously delinquent loans have not gone to foreclosure of which:

~20% cured

~25% modified or short sale

Remainder in some form of Loss Mitigation

51 Chase Home Ownership Centers established to help people face-to-face

Currently 6,000 employees serve as counselors to assist customers

APPENDIX

21
 Notes on non-GAAP financial measures

1. 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. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to
present total net revenue for the Firm (and each of the business segments) on a FTE basis. Accordingly, revenue from tax-exempt securities and investments that
receive tax credits is presented in the managed results on a basis comparable to taxable securities and investments. This non-GAAP financial measure allows
management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to these items is
recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.

Prior to January 1, 2010, the Firm’s managed-basis presentation also included certain reclassification adjustments that assumed credit card loans securitized by CS
remained on the balance sheet. Effective January 1, 2010, the Firm adopted new accounting guidance that amended the accounting for the transfer of financial assets
and the consolidation of VIEs. Additionally, the new guidance required the Firm to consolidate its Firm-sponsored credit card securitizations trusts. The income, expense
and credit costs associated with these securitization activities are now recorded in the 2010 Consolidated Statements of Income in the same classifications that were
previously used to report such items on a managed basis. As a result of the consolidation of the credit card securitization trusts, reported and managed basis relating to
credit card securitizations are comparable for periods beginning after January 1, 2010.

As noted above, the presentation in 2009 of CS results on a managed basis assumed that credit card loans that had been securitized and sold in accordance with U.S.
GAAP remained on the Consolidated Balance Sheets, and that the earnings on the securitized loans were classified in the same manner as the earnings on retained
loans recorded on the Consolidated Balance Sheets. JPMorgan had used this managed basis information to evaluate the credit performance and overall financial
performance of the entire managed credit card portfolio. Operations were funded and decisions were made about allocating resources, such as employees and capital,
based on managed financial information. In addition, the same underwriting standards and ongoing risk monitoring are used for both loans on the Consolidated Balance
Sheets and securitized loans. Although securitizations result in the sale of credit card receivables to a trust, JPMorgan Chase retains the ongoing customer relationships,
as the customers may continue to use their credit cards; accordingly, the customer’s credit performance affects both the securitized loans and the loans retained on the
Consolidated Balance Sheets. JPMorgan Chase believed that this managed-basis information was useful to investors, as it enabled them to understand both the credit
risks associated with the loans reported on the Consolidated Balance Sheets and the Firm’s retained interests in securitized loans.

2. The ratio for the allowance for loan losses to end-of-period loans excludes the following: loans accounted for at fair value and loans held-for-sale; purchased credit-
impaired loans; the allowance for loan losses related to purchased credit-impaired loans; and, loans from the Washington Mutual Master Trust, which were consolidated
on the Firm's balance sheet at fair value during the second quarter of 2009. Additionally, Real Estate Portfolios net charge-off rates exclude the impact of purchased
credit-impaired loans. The allowance for loan losses related to the purchased credit-impaired portfolio was $2.8 billion, $2.8 billion, and $1.1 billion at September 30,
2010, June 30, 2010, and September 30, 2009, respectively.

3. Tier 1 common capital ("Tier 1 common") is defined as Tier 1 capital less elements of capital not in the form of common equity – such as perpetual preferred stock,
noncontrolling interests in subsidiaries and trust preferred capital debt securities. Tier 1 common, a non-GAAP financial measure, is used by banking regulators,
investors and analysts to assess and compare the quality and composition of the Firm’s capital with the capital of other financial services companies. The Firm uses Tier
1 common along with the other capital measures to assess and monitor its capital position.

4. Tangible Common Equity ("TCE") is calculated, for all purposes, as common stockholders equity (i.e., total stockholders' equity less preferred stock) less identifiable
intangible assets (other than MSRs) and goodwill, net of related deferred tax liabilities. Return on tangible common equity, a non-GAAP financial ratio, measures the
Firm’s earnings as a percentage of TCE, and is in management’s view a meaningful measure to assess the Firm’s use of equity. The TCE measures used in this
presentation are not necessarily comparable to similarly titled measures provided by other firms due to differences in calculation methodologies.
APPENDIX

5. Headcount-related expense includes salary and benefits (excluding performance-based incentives), and other noncompensation costs related to employees.

22
 Forward-looking statements

This presentation contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of
JPMorgan Chase’s management and are subject to significant risks and uncertainties. Actual results
may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan
Chase’s actual results to differ materially from those described in the forward-looking statements can be
found in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2009 and
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010 and June 30, 2010, each of
which has been filed with the Securities and Exchange Commission and is available on JPMorgan
Chase’s website (www.jpmorganchase.com) and on the Securities and Exchange Commission’s
website (www.sec.gov). JPMorgan Chase does not undertake to update the forward-looking statements
to reflect the impact of circumstances or events that may arise after the date of the forward-looking
statements.
APPENDIX

23