- Total net revenue for JPMorgan Chase in Q1 2010 was $27.7 billion, an 11% increase from Q1 2009. Net income was $3.3 billion, up 55% from Q1 2009. - Noninterest expense increased 34% to $16.1 billion due primarily to a $2.2 billion increase in other expense. Provision for credit losses decreased 4% to $7 billion. - Key business lines reported the following net income: Investment Bank $2.5 billion, Retail Financial Services -$131 million, Card Services -$303 million, Commercial Banking $390 million.

1. EARNINGS RELEASE FINANCIAL SUPPLEMENT
FIRST QUARTER 2010

2. JPMORGAN CHASE & CO.
TABLE OF CONTENTS
Page
Consolidated Results
Consolidated Financial Highlights
Statements of Income
Consolidated Balance Sheets
Condensed Average Balance Sheets and Annualized Yields
Reconciliation from Reported to Managed Summary
2
3
4
5
6
Business Detail
Line of Business Financial Highlights - Managed Basis
Investment Bank
Retail Financial Services
Card Services - Managed Basis
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity
7
8
11
18
21
23
25
28
Credit-Related Information
30
Market Risk-Related Information
35
Supplemental Detail
Capital, Intangible Assets and Deposits
Per Share-Related Information
36
37
Non-GAAP Financial Measures
38
Glossary of Terms
39
Page 1

3. JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share, ratio and headcount data)
QUARTERLY TRENDS
1Q10 Change
SELECTED INCOME STATEMENT DATA:
Reported Basis
Total net revenue
Total noninterest expense
Preprovision profit (a)
Provision for credit losses
Income before extraordinary gain
Extraordinary gain
NET INCOME
Managed Basis (b)
Total net revenue
Total noninterest expense
Preprovision profit (a)
Provision for credit losses
Income before extraordinary gain
Extraordinary gain
NET INCOME
1Q10
(d)
(c)
(e)
(f)
(g)
(h)
1Q09
4Q09
1Q09
$
23,164
12,004
11,160
7,284
3,278
3,278
$
26,622
13,455
13,167
8,104
3,512
76
3,588
$
25,623
13,520
12,103
8,031
2,721
2,721
$
25,025
13,373
11,652
8,596
2,141
2,141
19
34
3
(4)
1
1
$
28,172
16,124
12,048
7,010
3,326
3,326
$
25,236
12,004
13,232
8,901
3,278
3,278
$
28,780
13,455
15,325
9,802
3,512
76
3,588
$
27,709
13,520
14,189
9,695
2,721
2,721
$
26,922
13,373
13,549
10,060
2,141
2,141
12
34
(9)
(21)
1
1
0.75
0.75
0.75
0.75
0.80
0.82
0.28
0.28
0.40
0.40
0.74
0.74
0.05
39.38
44.75
177,897
0.74
0.74
0.05
39.88
41.67
164,261
0.80
0.82
0.05
39.12
43.82
172,596
0.28
0.28
0.05
37.36
34.11
133,852
3,994.7
3,975.4
3,974.1
3,942.0
3,962.0
3,938.7
3,824.1
3,924.1
8
12
0.66
%
8
12
0.65
8
12
0.66
11.5
15.1
9.1
$
Headcount
(a)
(b)
(c)
2Q09
27,671
16,124
11,547
7,010
3,326
3,326
FINANCIAL RATIOS: (d)
Income before extraordinary gain:
Return on common equity ("ROE") (c)
Return on tangible common equity ("ROTCE") (c)(e)
Return on assets ("ROA")
Net income:
ROE (c)
ROTCE (c)(e)
ROA
CAPITAL RATIOS:
Tier 1 capital ratio
Total capital ratio
Tier 1 common capital ratio (f)
LINE OF BUSINESS NET INCOME/(LOSS)
Investment Bank
Retail Financial Services
Card Services
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity
Net income
3Q09
$
PER COMMON SHARE:
Basic Earnings
Income before extraordinary gain
Net income
Diluted Earnings (c)
Income before extraordinary gain
Net income
Cash dividends declared
Book value
Closing share price
Market capitalization
COMMON SHARES OUTSTANDING:
Weighted-average diluted shares outstanding
Common shares outstanding at period-end
SELECTED BALANCE SHEET DATA (Period-end)
Total assets
Wholesale loans
Consumer loans
Deposits
Common stockholders' equity
Total stockholders' equity
4Q09
2,135,796
214,290
499,509
925,303
156,569
164,721
$
2,471
(131)
(303)
390
279
392
228
3,326
9
13
0.70
%
3
5
0.54
(h) $
(h)
(h)
(h)
(h)
(1)
7
8
85
85
7
68
78
3,758.7
3,757.7
1
1
6
6
5
5
16
(1)
-
3
(12)
7
2
13
(3)
2
3
5
8
0.42
9
14
0.71
3
5
0.54
10.2
13.9
8.2
9.7
13.3
7.7
$
%
5
8
0.42
11.4
15.2
7.3
2,031,989
204,175
429,283
938,367
157,213
165,365
$
222,316
$
5
21
(11)
(30)
55
55
0.40
0.40
0.05
36.78
26.58
99,881
%
%
88
88
11.1
14.8
8.8
(g)
(g)
(g)
11
21
(1)
(18)
55
55
-
8
12
0.65
226,623
$
%
%
1,901
(399)
(306)
224
237
424
1,197
3,278
2,041,009
218,953
434,191
867,977
154,101
162,253
$
220,861
$
$
1,921
7
(700)
341
302
430
1,287
3,588
2,026,642
231,625
448,976
866,477
146,614
154,766
$
220,255
$
$
1,471
15
(672)
368
379
352
808
2,721
2,079,188
242,284
465,959
906,969
138,201
170,194
219,569
$
$
1,606
474
(547)
338
308
224
(262)
2,141
30
67
1
74
18
(8)
(81)
1
54
NM
45
15
(9)
75
NM
55
Preprovision profit 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.
For further discussion of managed basis, see Reconciliation from reported to managed summary on page 6.
The calculation of the second quarter 2009 earnings per share and net income applicable to common equity includes a one-time, noncash reduction of $1.1 billion, or $0.27 per share, resulting from repayment of Troubled Asset Relief Program (“TARP”) preferred capital. Excluding this reduction, the adjusted ROE and ROTCE for
the second quarter 2009 would have been 6% and 10%, respectively. The Firm views the adjusted ROE and ROTCE, both non-GAAP financial measures, as meaningful because they enable the comparability to prior periods.
Quarterly ratios of second quarter 2009 earnings per share includes a one-time, non-cash reduction of $1.1 billion, or $0.27 per share, resulting from repayment of TARP preferred capital.
The calculationare based upon annualized amounts.
Net income applicable to common equity divided by total average 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. The Firm uses return on tangible common equity, a non-GAAP financial
measure, to evaluate the Firm's use of equity and to facilitate comparisons with competitors.
The Tier 1 common ratio is Tier 1 common capital divided by risk-weighted assets. 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 interest in subsidiaries and trust preferred capital debt securities.
Tier 1 common capital, a non-GAAP financial measure, is used by banking regulators, investors and analysts to assess and compare the quality and composition of the Firm’s capital with the capital of other financial services companies. The Firm uses Tier 1 common capital along with the other capital measures to assess and
monitor its capital position.
Estimated.
Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm consolidated its Firm-sponsored credit card securitization trusts, Firm-administered multi-seller conduits and certain other
consumer loan securitization entities, primarily mortgage-related, adding $87.6 billion and $92.1 billion of assets and liabilities, respectively, and decreasing stockholders' equity by $4.5 billion.
Page 2

4. JPMORGAN CHASE & CO.
STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDS
1Q10 Change
REVENUE
Investment banking fees
Principal transactions
Lending- and deposit-related fees
Asset management, administration and commissions
Securities gains
Mortgage fees and related income
Credit card income
Other income
Noninterest revenue
Interest income
Interest expense
Net interest income
TOTAL NET REVENUE
Provision for credit losses
NONINTEREST EXPENSE
Compensation expense
Occupancy expense
Technology, communications and equipment expense
Professional and outside services
Marketing
Other expense (a)
Amortization of intangibles
Merger costs
TOTAL NONINTEREST EXPENSE
Income before income tax expense and extraordinary
gain
Income tax expense (b)
Income before extraordinary gain
Extraordinary gain (c)
NET INCOME
DILUTED EARNINGS PER SHARE
Income before extraordinary gain (d)
Extraordinary gain
NET INCOME (d)
FINANCIAL RATIOS
Income before extraordinary gain:
ROE (d)
ROTCE (d)
ROA
Net income:
ROE (d)
ROTCE (d)
ROA
Effective income tax rate
Overhead ratio
EXCLUDING IMPACT OF MERGER COSTS (e)
Income before extraordinary gain
Merger costs (after-tax)
Income before extra. gain excl. merger costs
Diluted Per Share:
Income before extraordinary gain (d)
Merger costs (after-tax)
Income before extra. gain excl. merger costs (d)
(a)
(b)
(c)
(d)
(e)
$
1Q10
1,461
4,548
1,646
3,265
610
658
1,361
412
13,961
16,845
3,135
13,710
27,671
7,010
$
4Q09
1,916
838
1,765
3,361
381
450
1,844
231
10,786
15,615
3,237
12,378
23,164
7,284
$
3Q09
1,679
3,860
1,826
3,158
184
843
1,710
625
13,885
16,260
3,523
12,737
26,622
8,104
$
2Q09
2,106
3,097
1,766
3,124
347
784
1,719
10
12,953
16,549
3,879
12,670
25,623
8,031
$
1Q09
1,386
2,001
1,688
2,897
198
1,601
1,837
50
11,658
17,926
4,559
13,367
25,025
8,596
4Q09
1Q09
(24) %
443
(7)
(3)
60
46
(26)
78
29
8
(3)
11
19
(4)
5 %
127
(2)
13
208
(59)
(26)
NM
20
(6)
(31)
3
11
(18)
7,276
869
1,137
1,575
583
4,441
243
16,124
$
$
$
5,112
944
1,182
1,682
536
2,262
256
30
12,004
7,311
923
1,140
1,517
440
1,767
254
103
13,455
6,917
914
1,156
1,518
417
2,190
265
143
13,520
7,588
885
1,146
1,515
384
1,375
275
205
13,373
42
(8)
(4)
(6)
9
96
(5)
NM
34
(4)
(2)
(1)
4
52
223
(12)
NM
21
4,537
1,211
3,326
3,326
3,876
598
3,278
3,278
5,063
1,551
3,512
76
3,588
4,072
1,351
2,721
2,721
3,056
915
2,141
2,141
17
103
1
1
48
32
55
55
0.40
0.40
-
85
85
2,141
127
2,268
1
NM
1
55
NM
47
0.40
0.03
0.43
NM
(1)
85
NM
72
$
0.74
0.74
8
12
0.66
$
$
%
$
$
$
$
3,326
3,326
0.74
0.74
0.74
0.74
8
12
0.65
8
12
0.66
27
58
$
$
$
%
$
$
$
$
3,278
18
3,296
0.74
0.01
0.75
0.80
0.02
0.82
9
13
0.70
8
12
0.65
15
52
$
$
$
%
$
$
$
$
3,512
64
3,576
0.80
0.02
0.82
0.28
0.28
3
5
0.54
9
14
0.71
31
51
$
$
$
%
5 %
8
0.42
3
5
0.54
33
53
$
$
$
$
2,721
89
2,810
0.28
0.02
0.30
5
8
0.42
30
53
$
$
$
$
The second quarter of 2009 included a $675 million FDIC special assessment.
The income tax expense in the first quarter of 2010 and fourth quarter of 2009 includes tax benefits recognized upon the resolution of tax audits.
On September 25, 2008, JPMorgan Chase acquired the banking operations of Washington Mutual. The acquisition resulted in negative goodwill, and accordingly, the Firm recognized an extraordinary gain. A preliminary gain of $1.9 billion was
recognized at December 31, 2008. The final total extraordinary gain that resulted from the Washington Mutual transaction was $2.0 billion.
The calculation of the second quarter 2009 earnings per share and net income applicable to common equity includes a one-time, noncash reduction of $1.1 billion, or $0.27 per share, resulting from repayment of TARP preferred capital.
Excluding this reduction, the adjusted ROE and ROTCE for the second quarter of 2009 would have been 6% and 10%, respectively. The Firm views the adjusted ROE and ROTCE, both non-GAAP financial measures, as meaningful because
they enable the comparability to prior periods.
Page 3
Net income excluding merger costs, a non-GAAP financial measure, is used by the Firm to facilitate comparison of results against the Firm's ongoing operations and with other companies' U.S. GAAP financial statements.

5. JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
Mar 31
2010
ASSETS (a)
Cash and due from banks
Deposits with banks
Federal funds sold and securities purchased under
resale agreements
Securities borrowed
Trading assets:
Debt and equity instruments
Derivative receivables
Securities
Loans
Less: Allowance for loan losses
Loans, net of allowance for loan losses
Accrued interest and accounts receivable
Premises and equipment
Goodwill
Mortgage servicing rights
Other intangible assets
Other assets
TOTAL ASSETS
LIABILITIES (a)
Deposits
Federal funds purchased and securities loaned or sold
under repurchase agreements
Commercial paper
Other borrowed funds
Trading liabilities:
Debt and equity instruments
Derivative payables
Accounts payable and other liabilities
(incl. the allowance for lending-related commitments)
Beneficial interests issued by consolidated VIEs
Long-term debt
TOTAL LIABILITIES
$
$
26,206
63,230
Sep 30
2009
$
21,068
59,623
Jun 30
2009
$
25,133
61,882
Mar 31
2009
$
26,681
89,865
230,123
126,741
195,404
119,630
171,007
128,059
159,170
129,263
157,237
127,928
$
346,712
79,416
344,376
713,799
38,186
675,613
53,991
11,123
48,359
15,531
4,383
108,992
2,135,796
$
330,918
80,210
360,390
633,458
31,602
601,856
67,427
11,118
48,357
15,531
4,621
107,091
2,031,989
$
330,370
94,065
372,867
653,144
30,633
622,511
59,948
10,675
48,334
13,663
4,862
103,957
2,041,009
$
298,135
97,491
345,563
680,601
29,072
651,529
61,302
10,668
48,288
14,600
5,082
118,536
2,026,642
$
925,303
$
938,367
$
867,977
$
866,477
STOCKHOLDERS' EQUITY (a)
Preferred stock
Common stock
Capital surplus
Retained earnings
Accumulated other comprehensive income (loss)
Shares held in RSU trust
Treasury stock, at cost
TOTAL STOCKHOLDERS' EQUITY
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $
(a)
31,422
59,014
Dec 31
2009
March 31, 2010
Change
Dec 31
Mar 31
2009
2009
20 %
(7)
18 %
(34)
18
6
46
(1)
$
298,453
131,247
333,861
708,243
27,381
680,862
52,168
10,336
48,201
10,634
5,349
106,366
2,079,188
5
(1)
(4)
13
21
12
(20)
(5)
2
5
16
(39)
3
1
39
(1)
3
8
46
(18)
2
3
$
906,969
(1)
2
295,171
50,554
48,981
261,413
41,794
55,740
310,219
53,920
50,824
300,931
42,713
73,968
279,837
33,085
112,257
13
21
(12)
5
53
(56)
78,228
62,741
64,946
60,125
65,233
69,214
56,021
67,197
53,786
86,020
20
4
45
(27)
154,185
93,055
262,857
1,971,075
162,696
15,225
266,318
1,866,624
171,386
17,859
272,124
1,878,756
171,685
20,945
271,939
1,871,876
165,521
9,674
261,845
1,908,994
(5)
NM
(1)
6
(7)
NM
3
8,152
4,105
96,450
61,043
761
(68)
(5,722)
164,721
2,135,796
8,152
4,105
97,982
62,481
(91)
(68)
(7,196)
165,365
2,031,989
8,152
4,105
97,564
59,573
283
(86)
(7,338)
162,253
2,041,009
8,152
4,105
97,662
56,355
(3,438)
(86)
(7,984)
154,766
2,026,642
31,993
3,942
91,469
55,487
(4,490)
(86)
(8,121)
170,194
2,079,188
(2)
(2)
NM
20
5
(75)
4
5
10
NM
21
30
(3)
3
$
$
$
$
Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm consolidated its
credit card securitization trusts, Firm-administered multi-seller conduits and certain mortgage and other consumer loan securitization entities; adding $87.6 billion and $92.1 billion of assets and liabilities, respectively, and
decreasing stockholders' equity by $4.5 billion, driven predominantly by the establishment of an allowance for loan losses of $7.4 billion (pre-tax) related to the receivables held in the credit card securitization trusts that were
consolidated at the adoption date.
Page 4

6. JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDS
1Q10 Change
AVERAGE BALANCES (a)
ASSETS
Deposits with banks
Federal funds sold and securities purchased
under resale agreements
Securities borrowed
Trading assets - debt instruments
Securities
Loans
Other assets (b)
Total interest-earning assets
Trading assets - equity instruments
Trading assets - derivative receivables
Goodwill
Other intangible assets
All other noninterest-earning assets
TOTAL ASSETS
LIABILITIES
Interest-bearing deposits
Federal funds purchased and securities loaned or
sold under repurchase agreements
Commercial paper
Other borrowings and liabilities (c)
Beneficial interests issued by consolidated VIEs
Long-term debt
Total interest-bearing liabilities
Trading liabilities - derivative payables
All other noninterest-bearing liabilities
TOTAL LIABILITIES
Preferred stock
Common stockholders' equity
TOTAL STOCKHOLDERS' EQUITY
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
1Q10
4Q09
$
64,229
$
49,705
$
$
170,036
114,636
248,089
337,441
725,136
27,885
1,687,452
83,674
78,683
48,542
19,462
120,867
2,038,680
$
677,431
$
62,248
156,848
125,453
256,414
374,327
642,406
29,868
1,635,021
74,936
86,415
48,341
18,509
130,003
1,993,225
$
667,269
271,934
37,461
188,475
98,104
262,503
1,535,908
59,053
279,473
1,874,434
8,152
156,094
164,246
$
$
(0.05) (d)
0.19
1.54
1.36
1.95
0.83
INTEREST RATE SPREAD
NET YIELD ON INTEREST-EARNING ASSETS
NET YIELD ON INTEREST-EARNING ASSETS
ADJUSTED FOR SECURITIZATIONS (a)
%
68,001
$
151,705
129,301
250,148
359,451
665,386
24,155
1,642,394
66,790
99,807
48,328
19,368
122,489
1,999,176
$
660,998
$
%
88,587
$
142,226
122,235
245,444
354,216
697,908
36,638
1,666,668
63,507
114,096
48,273
17,474
128,354
2,038,372
$
160,986
120,752
252,098
281,420
726,959
27,411
1,658,213
62,748
142,243
48,071
16,584
139,260
2,067,119
$
672,350
$
736,460
$
%
2,038,372
1.45
1Q09
29
8
(9)
(3)
(10)
13
(7)
3
12
(9)
5
(7)
2
%
(27) %
6
(5)
(2)
20
2
2
33
(45)
1
17
(13)
(1)
$
%
2
(8)
226,110
33,694
236,673
9,757
258,732
1,501,426
94,944
302,299
1,898,669
31,957
136,493
168,450
289,971
37,371
207,489
14,493
274,323
1,495,997
78,155
295,017
1,869,169
28,338
140,865
169,203
1,999,176
0.83
4Q09
$
303,175
42,728
178,985
19,351
271,281
1,476,518
75,458
289,580
1,841,556
8,152
149,468
157,620
1,993,225
0.95
1Q09
$
283,263
42,290
182,422
16,002
268,476
1,459,722
63,423
305,403
1,828,548
8,152
156,525
164,677
2,038,680
0.60
2Q09
$
AVERAGE RATES
INTEREST-EARNING ASSETS
Deposits with banks
Federal funds sold and securities purchased
under resale agreements
Securities borrowed
Trading assets - debt instruments
Securities
Loans
Other assets (b)
Total interest-earning assets
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
Federal funds purchased and securities sold
under repurchase agreements
Commercial paper
Other borrowings and liabilities (c)
Beneficial interests issued by consolidated VIEs
Long-term debt
Total interest-bearing liabilities
(a)
(b)
(c)
(d)
3Q09
(4)
(11)
3
NM
(2)
5
(7)
(8)
3
-
20
11
(20)
NM
1
2
(38)
(8)
(1)
(74)
14
(2)
2,067,119
2
(1)
2.03
0.97
0.10
4.56
3.54
5.91
1.36
4.07
0.92
0.14
4.63
3.32
5.51
1.42
3.80
0.96
(0.09)
4.78
3.62
5.64
2.18
3.95
1.04
(0.32)
4.91
3.64
5.65
0.80
4.00
0.51
0.53
0.65
0.70
0.93
0.08
0.20
1.87
1.32
2.01
0.88
0.20
0.23
1.70
1.43
2.09
0.95
0.23
0.24
1.32
1.59
2.60
1.04
0.36
0.47
1.46
1.57
2.73
1.23
3.24%
2.92%
3.00%
2.96%
3.18%
3.32%
3.02%
3.10%
3.07%
3.29%
3.32%
3.33%
3.40%
3.37%
%
1.64
0.29
5.27
4.16
5.87
2.44
4.41
3.60%
Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. For additional information on the effect of the adoption, see page 4, footnote (a).
Includes margin loans and the Firm's investment in asset-backed commercial paper under the Federal Reserve Bank of Boston's AML facility, which declined to zero during the third quarter of 2009.
Includes securities sold but not yet purchased, brokerage customer payables and advances from Federal Home Loan Banks.
Reflects a benefit from the favorable market environment for dollar-roll financings in the first quarter of 2010 and the fourth quarter of 2009.
Page 5

7. JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO MANAGED SUMMARY
(in millions)
The Firm prepares its consolidated financial statements using accounting principles generally accepted in the United States of America ("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 analyzes the Firm’s results and the results of the lines of business on a managed basis, which is a non-GAAP financial
measure. For additional information about managed basis, refer to the notes on Non-GAAP Financial Measures on page 38.
QUARTERLY TRENDS
1Q10 Change
CREDIT CARD INCOME
Credit card income - reported
Impact of:
Credit card securitizations
Credit card income - managed
OTHER INCOME
Other income - reported
Impact of:
Tax-equivalent adjustments
Other income - managed
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported
Impact of:
Credit card securitizations
Tax-equivalent adjustments
Total noninterest revenue - managed
NET INTEREST INCOME
Net interest income - reported
Impact of:
Credit card securitizations
Tax-equivalent adjustments
Net interest income - managed
TOTAL NET REVENUE
Total net revenue - reported
Impact of:
Credit card securitizations
Tax-equivalent adjustments
Total net revenue - managed
PREPROVISION PROFIT
Total preprovision profit - reported
Impact of:
Credit card securitizations
Tax-equivalent adjustments
Total preprovision profit - managed
PROVISION FOR CREDIT LOSSES
Provision for credit losses - reported
Impact of:
Credit card securitizations
Provision for credit losses - managed
INCOME TAX EXPENSE
Income tax expense - reported
Impact of:
Tax-equivalent adjustments
Income tax expense - managed
$
1Q10
1,361
4Q09
1,844
$
$
N/A
1,361
$
(375)
1,469
$
(285)
1,425
$
$
412
$
231
$
625
$
10
$
$
411
823
$
397
628
$
371
996
$
335
345
$
13,961
$
10,786
$
13,885
$
12,953
$
N/A
411
14,372
$
(375)
397
10,808
$
(285)
371
13,971
$
13,710
$
12,378
$
12,737
$
N/A
90
13,800
$
1,992
58
14,428
$
27,671
$
23,164
$
N/A
501
28,172
$
11,547
$
3Q09
1,710
$
2Q09
1,719
4Q09
1Q09
(26) %
(26) %
NM
(7)
NM
5
50
78
NM
$
337
387
4
31
22
113
$
11,658
29
20
$
(294)
335
12,994
$
(540)
337
11,455
NM
4
33
NM
22
25
$
12,670
$
13,367
11
3
$
1,983
89
14,809
$
1,958
87
14,715
$
2,004
96
15,467
NM
55
(4)
NM
(6)
(11)
$
26,622
$
25,623
$
25,025
19
11
$
1,617
455
25,236
$
1,698
460
28,780
$
1,664
422
27,709
$
1,464
433
26,922
NM
10
12
NM
16
5
$
11,160
$
13,167
$
12,103
$
11,652
3
(1)
$
N/A
501
12,048
$
1,617
455
13,232
$
1,698
460
15,325
$
1,664
422
14,189
$
1,464
433
13,549
NM
10
(9)
NM
16
(11)
$
7,010
$
7,284
$
8,104
$
8,031
$
8,596
(4)
(18)
$
N/A
7,010
$
1,617
8,901
$
1,698
9,802
$
1,664
9,695
$
1,464
10,060
NM
(21)
NM
(30)
$
1,211
$
598
$
1,551
$
1,351
$
915
103
32
$
501
1,712
$
455
1,053
$
460
2,011
$
422
1,773
$
433
1,348
10
63
16
27
(294)
1,425
$
1Q09
1,837
$
(540)
1,297
N/A: Not applicable.
Page 6

8. JPMORGAN CHASE & CO.
LINE OF BUSINESS FINANCIAL HIGHLIGHTS - MANAGED BASIS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q10 Change
1Q10
TOTAL NET REVENUE (FTE)
Investment Bank (a)
Retail Financial Services
Card Services
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity (a)
TOTAL NET REVENUE
TOTAL PREPROVISION PROFIT
Investment Bank (a)
Retail Financial Services
Card Services
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity (a)
TOTAL PREPROVISION PROFIT
NET INCOME/(LOSS)
Investment Bank
Retail Financial Services
Card Services
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity
TOTAL NET INCOME
AVERAGE EQUITY (b)
Investment Bank
Retail Financial Services
Card Services
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity
TOTAL AVERAGE EQUITY
RETURN ON EQUITY (b)
Investment Bank
Retail Financial Services
Card Services
Commercial Banking
Treasury & Securities Services
Asset Management
(a)
(b)
$
$
$
$
$
$
$
$
4Q09
8,319
7,776
4,447
1,416
1,756
2,131
2,327
28,172
$
3,481
3,534
3,045
877
431
689
(9)
12,048
$
2,471
(131)
(303)
390
279
392
228
3,326
$
40,000
28,000
15,000
8,000
6,500
6,500
52,094
156,094
25 %
(2)
(8)
20
17
24
$
$
$
$
$
3Q09
4,929
7,669
5,148
1,406
1,835
2,195
2,054
25,236
$
2,643
3,367
3,752
863
444
725
1,438
13,232
$
1,901
(399)
(306)
224
237
424
1,197
3,278
33,000
25,000
15,000
8,000
5,000
7,000
63,525
156,525
23 %
(6)
(8)
11
19
24
$
$
$
$
$
$
2Q09
7,508
8,218
5,159
1,459
1,788
2,085
2,563
28,780
$
3,234
4,022
3,853
914
508
734
2,060
15,325
$
1,921
7
(700)
341
302
430
1,287
3,588
33,000
25,000
15,000
8,000
5,000
7,000
56,468
149,468
23 %
(19)
17
24
24
$
$
$
$
$
$
1Q09
7,301
7,970
4,868
1,453
1,900
1,982
2,235
27,709
$
3,234
3,891
3,535
918
612
628
1,371
14,189
$
1,471
15
(672)
368
379
352
808
2,721
33,000
25,000
15,000
8,000
5,000
7,000
47,865
140,865
18 %
(18)
18
30
20
$
$
$
$
$
$
4Q09
1Q09
8,371
8,835
5,129
1,402
1,821
1,703
(339)
26,922
69 %
1
(14)
1
(4)
(3)
13
12
(1) %
(12)
(13)
1
(4)
25
NM
5
3,597
4,664
3,783
849
502
405
(251)
13,549
32
5
(19)
2
(3)
(5)
NM
(9)
(3)
(24)
(20)
3
(14)
70
96
(11)
1,606
474
(547)
338
308
224
(262)
2,141
30
67
1
74
18
(8)
(81)
1
54
NM
45
15
(9)
75
NM
55
21
12
30
(7)
(18)
-
21
12
30
(7)
20
14
33,000
25,000
15,000
8,000
5,000
7,000
43,493
136,493
20 %
8
(15)
17
25
13
In the second quarter of 2009, Investment Bank ("IB") began reporting credit reimbursement from TSS as a component of total net revenue, whereas TSS continued to report its credit reimbursement to IB as a
separate line item on its income statement (not part of total net revenue). Corporate/Private Equity includes an adjustment to offset IB's inclusion of the credit reimbursement in total net revenue. Prior periods have
been revised for IB and Corporate/Private Equity to reflect this presentation.
Each business segment is allocated capital by taking into consideration stand-alone peer comparisons, economic risk measures and regulatory capital requirements. The amount of capital assigned to each
business is referred to as equity. Effective January 1, 2010, the Firm enhanced its line of business equity framework to better align equity assigned to each line of business with the anticipated changes in the
business, as well as changes in the competitive and regulatory landscape.
Page 7

9. JPMORGAN CHASE & CO.
INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q10 Change
1Q10
INCOME STATEMENT
REVENUE
Investment banking fees
Principal transactions
Lending- and deposit-related fees
Asset management, administration and commissions
All other income (a)
Noninterest revenue
Net interest income
TOTAL NET REVENUE (b)
$
Provision for credit losses
4Q09
1,446
3,931
202
563
49
6,191
2,128
8,319
$
(462)
3Q09
1,892
84
174
608
(14)
2,744
2,185
4,929
$
(181)
2Q09
1,658
2,714
185
633
63
5,253
2,255
7,508
$
1Q09
2,239
1,841
167
717
(108)
4,856
2,445
7,301
$
4Q09
1,380
3,515
138
692
(56)
5,669
2,702
8,371
1Q09
(24) %
NM
16
(7)
NM
126
(3)
69
5 %
12
46
(19)
NM
9
(21)
(1)
379
871
1,210
(155)
NM
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
TOTAL NONINTEREST EXPENSE
2,928
1,910
4,838
549
1,737
2,286
2,778
1,496
4,274
2,677
1,390
4,067
3,330
1,444
4,774
433
10
112
(12)
32
1
Income before income tax expense
Income tax expense
NET INCOME
3,943
1,472
2,471
2,824
923
1,901
2,855
934
1,921
2,363
892
1,471
2,387
781
1,606
40
59
30
65
88
54
479
308
593
1,380
4,889
1,773
329
8,371
(50)
(25)
(1)
(24)
100
51
92
69
(36)
34
23
5
12
(18)
NM
(1)
4,316
3,073
982
8,371
59
87
70
69
6
(8)
(4)
(1)
$
FINANCIAL RATIOS
ROE
ROA
Overhead ratio
Compensation expense as a percent of total net revenue
REVENUE BY BUSINESS
Investment banking fees:
Advisory
Equity underwriting
Debt underwriting
Total investment banking fees
Fixed income markets
Equity markets
Credit portfolio (a)
Total net revenue
REVENUE BY REGION (a)
Americas
Europe/Middle East/Africa
Asia/Pacific
Total net revenue
(a)
(b)
$
25 %
1.48
58
35
$
$
$
$
$
23 %
1.12
46
11
305
413
728
1,446
5,464
1,462
(53)
8,319
$
4,562
2,814
943
8,319
$
$
$
$
23 %
1.12
57
37
611
549
732
1,892
2,735
971
(669)
4,929
$
2,872
1,502
555
4,929
$
$
$
$
18 %
0.83
56
37
384
681
593
1,658
5,011
941
(102)
7,508
$
3,850
2,912
746
7,508
$
$
$
20 %
0.89
57
40
393
1,103
743
2,239
4,929
708
(575)
7,301
$
4,118
2,303
880
7,301
$
$
$
Treasury & Securities Services ("TSS") was charged a credit reimbursement related to certain exposures managed within the Investment Bank (“IB”) credit portfolio on behalf of clients shared with TSS. IB
recognizes this credit reimbursement in its credit portfolio business in all other income.
Total net revenue 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 $403 million, $357 million, $371 million, $334 million, and $365 million for the quarters ended March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009, and March 31, 2009,
respectively.
Page 8

10. JPMORGAN CHASE & CO.
INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
QUARTERLY TRENDS
1Q10 Change
1Q10
SELECTED BALANCE SHEET DATA (Period-end)
Loans (a):
Loans retained (b)
Loans held-for-sale & loans at fair value
Total loans
Equity
SELECTED BALANCE SHEET DATA (Average)
Total assets
Trading assets - debt and equity instruments
Trading assets - derivative receivables
Loans (a):
Loans retained (b)
Loans held-for-sale & loans at fair value
Total loans
Adjusted assets (c)
Equity
Derivative receivables
Assets acquired in loan satisfactions
Total nonperforming assets
Allowance for credit losses:
Allowance for loan losses
Allowance for lending-related commitments
Total allowance for credit losses
Net charge-off rate (b)
Allow. for loan losses to period-end loans retained (b)
Allow. for loan losses to average loans retained (b)
Allow. for loan losses to nonperforming loans retained (d)
Nonperforming loans to total period-end loans
Nonperforming loans to total average loans
(a)
(b)
(c)
(d)
3Q09
2Q09
1Q09
4Q09
$
53,010
3,594
56,604
40,000
$
45,544
3,567
49,111
33,000
$
55,703
4,582
60,285
33,000
$
64,500
6,814
71,314
33,000
$
66,506
10,993
77,499
33,000
$
676,122
284,085
66,151
$
674,241
285,363
72,640
$
678,796
270,695
86,651
$
710,825
265,336
100,536
$
1Q09
16 %
1
15
21
(20) %
(67)
(27)
21
733,166
272,998
125,021
(9)
(8)
4
(47)
58,501
3,150
61,651
506,635
40,000
$
51,573
4,158
55,731
519,403
33,000
61,269
4,981
66,250
515,718
33,000
68,224
8,934
77,158
531,632
33,000
70,041
12,402
82,443
589,163
33,000
13
(24)
11
(2)
21
(16)
(75)
(25)
(14)
21
24,977
Headcount
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs
Nonperforming assets:
Nonperforming loans:
Nonperforming loans retained (b)
Nonperforming loans held-for-sale and loans
at fair value
Total nonperforming loans
4Q09
24,654
24,828
25,783
26,142
1
(4)
36
2
NM
697
$
685
$
750
$
433
$
2,459
3,196
4,782
3,407
1,738
(23)
41
282
2,741
308
3,504
128
4,910
112
3,519
57
1,795
(8)
(22)
395
53
363
185
3,289
529
203
4,236
624
248
5,782
704
311
4,534
1,010
236
3,041
(31)
(9)
(22)
(64)
(22)
8
2,601
482
3,083
3,756
485
4,241
4,703
401
5,104
5,101
351
5,452
4,682
295
4,977
(31)
(1)
(27)
(44)
63
(38)
4.83 %
4.91
4.45
106
4.84
4.45
5.27 %
8.25
7.28
118
7.13
6.29
4.86 %
8.44
7.68
98
8.14
7.41
2.55 %
7.91
7.48
150
4.93
4.56
0.21 %
7.04
6.68
269
2.32
2.18
Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm consolidated
its Firm-administered multi-seller conduits. As a result, $15.1 billion of loans were recorded on the Consolidated Balance Sheet.
Loans retained included credit portfolio loans, leveraged leases and other accrual loans, and excluded loans held-for-sale and loans accounted for at fair value.
Adjusted assets, a non-GAAP financial measure, equals total assets minus (1) securities purchased under resale agreements and securities borrowed less securities sold, not yet purchased; (2) assets of variable interest
entities ("VIEs"); (3) cash and securities segregated and on deposit for regulatory and other purposes; (4) goodwill and intangibles; (5) securities received as collateral; and (6) investments purchased under the AssetBacked Commercial Paper Money Market Mutual Fund Liquidity Facility. The amount of adjusted assets is presented to assist the reader in comparing IB’s asset and capital levels to other investment banks in the
securities industry. Asset-to-equity leverage ratios are commonly used as one measure to assess a company’s capital adequacy. IB believes an adjusted asset amount that excludes the assets discussed above, which
were considered to have a low risk profile, provides a more meaningful measure of balance sheet leverage in the securities industry.
Nonperforming loans excluded distressed loans held-for-sale that were purchased as part of IB's proprietary activities.
Page 9

11. JPMORGAN CHASE & CO.
INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and rankings data)
QUARTERLY TRENDS
1Q10 Change
1Q10
MARKET RISK - AVERAGE TRADING AND CREDIT
PORTFOLIO VAR - 95% CONFIDENCE LEVEL
Trading activities:
Fixed income
Foreign exchange
Equities
Commodities and other
Diversification (a)
Total trading VaR (b)
Credit portfolio VaR (c)
Diversification (a)
Total trading and credit portfolio VaR
$
$
4Q09
69
13
24
15
(49)
72
19
(9)
82
$
3Q09
121
14
21
17
(62)
111
24
(11)
124
$
YTD March 31, 2010
MARKET SHARES AND RANKINGS (d)
Global Investment Banking Fees (e)
Global debt, equity and equity-related
Global syndicated loans
Global long-term debt (f)
Global equity and equity-related (g)
Global announced M&A (h)
U.S. debt, equity and equity-related
U.S. syndicated loans
U.S. long-term debt (f)
U.S. equity and equity-related (g)
U.S. announced M&A (h)
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
Market Share
8%
7%
9%
7%
9%
18%
12%
21%
11%
20%
29%
Rankings
#1
#1
#1
#3
#1
#5
#2
#1
#2
#1
#3
$
$
2Q09
182
19
19
23
(97)
146
29
(32)
143
$
1Q09
179
16
50
22
(97)
170
68
(60)
178
$
$
$
4Q09
158
23
97
20
(108)
190
86
(63)
213
1Q09
(43) %
(7)
14
(12)
21
(35)
(56) %
(43)
(75)
(25)
55
(62)
(21)
18
(34)
(78)
86
(62)
Full Year 2009
Market Share
9%
9%
8%
8%
12%
25%
15%
22%
14%
16%
37%
Rankings
#1
#1
#1
#1
#1
#3
#1
#1
#1
#2
#2
Average VaRs were less than the sum of the VaRs of their market risk components, which was due to risk offsets resulting from portfolio diversification. The diversification effect reflected the fact that the risks were not
perfectly correlated. The risk of a portfolio of positions is usually less than the sum of the risks of the positions themselves.
IB Trading VaR includes predominantly all trading activities in IB, as well as syndicated lending facilities that the Firm intends to distribute; however, particular risk parameters of certain products are not fully captured,
such as correlation risk. IB Trading VaR does not include the debit valuation adjustments ("DVA") taken on derivative and structured liabilities to reflect the credit quality of the Firm.
Credit portfolio VaR includes the derivative credit valuation adjustments ("CVA"), hedges of the CVA and mark-to-market hedges of the retained loan portfolio, which are all reported in principal transactions revenue.
This VaR does not include the retained loan portfolio.
Source: Dealogic. Global Investment Banking fees reflects fee rank and share. Remainder of rankings reflect volume rank and share.
Global IB fees exclude money market, short term debt and shelf deals.
Long-term debt tables include investment grade, high yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities and mortgage-backed securities; exclude money market, short term debt, and
U.S.municipal securities.
Equity and equity-related rankings include rights offerings and Chinese A-Shares.
Global announced M&A is based upon value at announcement; all other rankings are based upon proceeds, with full credit to each book manager/equal if joint. Because of joint assignments, market share of all
participants will add up to more than 100%. M&A 1Q10 and 2009 reflects the removal of any withdrawn transactions. U.S. announced M&A represents any U.S. involvement ranking.
Page 10

12. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
1Q10 Change
1Q10
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees
Asset management, administration and commissions
Mortgage fees and related income
Credit card income
Other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE
$
4Q09
841
452
655
450
354
2,752
5,024
7,776
$
3Q09
972
406
481
441
299
2,599
5,070
7,669
$
2Q09
1,046
408
873
416
321
3,064
5,154
8,218
$
1Q09
1,003
425
807
411
294
2,940
5,030
7,970
$
4Q09
1Q09
948
435
1,633
367
214
3,597
5,238
8,835
(13) %
11
36
2
18
6
(1)
1
(11) %
4
(60)
23
65
(23)
(4)
(12)
Provision for credit losses
3,733
4,229
3,988
3,846
3,877
(12)
(4)
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
1,770
2,402
70
4,242
1,722
2,499
81
4,302
1,728
2,385
83
4,196
1,631
2,365
83
4,079
1,631
2,457
83
4,171
3
(4)
(14)
(1)
9
(2)
(16)
2
34
27
7
45
30
15
787
313
474
77
85
67
NM
NM
NM
412,505
(1)
(7)
364,220
12,529
376,749
380,140
25,000
(23)
(1)
1
12
(7)
(10)
(7)
(5)
12
423,472
-
(7)
Income/(loss) before income tax expense (benefit)
Income tax expense/(benefit)
NET INCOME/(LOSS)
$
FINANCIAL RATIOS
ROE
Overhead ratio
Overhead ratio excluding core deposit intangibles (a)
SELECTED BALANCE SHEET DATA (Period-end)
Assets
Loans:
Loans retained
Loans held-for-sale and loans at fair value (b)
Total loans
Deposits
Equity
SELECTED BALANCE SHEET DATA (Average)
Assets
Loans:
Loans retained
Loans held-for-sale and loans at fair value (b)
Total loans
Deposits
Equity
Headcount
(a)
(b)
(199)
(68)
(131)
$
(2) %
55
54
$
382,475
393,867
$
(6) %
56
55
$
339,002
11,296
350,298
362,470
28,000
$
(862)
(463)
(399)
387,269
%
51
50
$
340,332
14,612
354,944
357,463
25,000
$
395,045
$
397,673
%
51
50
$
346,765
14,303
361,068
361,046
25,000
$
401,620
$
399,916
8 %
47
46
$
353,934
13,192
367,126
371,241
25,000
$
410,228
$
342,997
17,055
360,052
356,934
28,000
343,411
17,670
361,081
356,464
25,000
349,762
19,025
368,787
366,944
25,000
359,372
19,043
378,415
377,259
25,000
366,925
16,526
383,451
370,278
25,000
(3)
12
(7)
3
(6)
(4)
12
112,616
108,971
106,951
103,733
100,677
3
12
Retail Financial Services 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. The non-GAAP ratio excludes Retail Banking's CDI amortization expense related to prior business combination transactions of $70 million, $80
million, $83 million, $82 million and $83 million for the quarters ended March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively.
Loans at fair value consist 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. These loans totaled $8.4
billion, $12.5 billion, $12.8 billion, $11.3 billion and $8.9 billion at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively. Average balances of these loans
totaled $14.2 billion, $16.0 billion, $17.7 billion, $16.2 billion and $13.4 billion for the quarters ended March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively.
Page 11

13. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q10 Change
1Q10
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs
Nonperforming loans:
Nonperforming loans retained
Nonperforming loans held-for-sale and loans
at fair value
Total nonperforming loans (a) (b) (c)
Nonperforming assets (a) (b) (c)
Allowance for loan losses
Net charge-off rate (e)
Net charge-off rate excluding purchased credit-impaired
loans (d) (e)
Allowance for loan losses to ending loans retained (e)
Allowance for loan losses to ending loans retained
excluding purchased credit-impaired loans (d) (e)
Allowance for loan losses to nonperforming loans
retained (a) (d) (e)
Nonperforming loans to total loans
Nonperforming loans to total loans excluding purchased
credit-impaired loans (a)
(a)
(b)
(c)
(d)
(e)
$
4Q09
2,438
$
3Q09
2,738
$
2Q09
2,550
$
1Q09
2,649
$
4Q09
2,176
1Q09
(11) %
12 %
10,769
10,611
10,091
8,792
7,714
1
40
217
10,986
12,191
16,200
234
10,845
12,098
14,776
242
10,333
11,883
13,286
203
8,995
10,554
11,832
264
7,978
9,846
10,619
(7)
1
1
10
(18)
38
24
53
2.88 %
3.16 %
2.89 %
2.96 %
2.41 %
3.76
4.78
4.16
4.34
3.81
3.83
3.89
3.34
3.16
2.92
5.16
5.09
4.63
4.41
3.84
124
3.14
124
3.06
121
2.86
135
2.45
138
2.12
4.05
3.96
3.72
3.19
2.76
Excludes purchased credit-impaired loans that were acquired as part of the Washington Mutual transaction. These loans are accounted for on a pool basis, and the pools are considered to be performing.
Certain of these loans are classified as trading assets on the Consolidated Balance Sheets.
Nonperforming loans and assets exclude: (1) mortgage loans insured by U.S. government agencies of $10.5 billion, $9.0 billion, $7.0 billion, $4.2 billion and $4.2 billion at March 31, 2010, December 31, 2009,
September 30, 2009, June 30, 2009 and March 31, 2009, respectively; (2) real estate owned insured by U.S. government agencies of $707 million, $579 million, $579 million, $508 million and $433 million at
March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively; and (3) student loans that are 90 days past due and still accruing, which are insured by U.S.
government agencies under the Federal Family Education Loan Program, of $660 million, $542 million, $511 million, $473 million and $433 million at March 31, 2010, December 31, 2009, September 30, 2009,
June 30, 2009 and March 31, 2009, respectively. These amounts are excluded as reimbursement is proceeding normally.
Excludes the impact of purchased credit-impaired loans that were acquired as part of the Washington Mutual transaction. These loans were accounted for at fair value on the acquisition date, which incorporated
management's estimate, as of that date, of credit losses over the remaining life of the portfolio. An allowance for loan losses of $2.8 billion, $1.6 billion and $1.1 billion was recorded for these loans at March 31,
2010, December 31, 2009 and September 30, 2009, respectively, which has also been excluded from applicable ratios. No allowance for loan losses was recorded at June 30, 2009 and March 31, 2009. To date,
no charge-offs have been recorded for these loans.
Loans held-for-sale and loans accounted for at fair value were excluded when calculating the allowance coverage ratio and net charge-off rate.
Page 12

14. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
1Q10 Change
1Q10
RETAIL BANKING
Noninterest revenue
Net interest income
Total net revenue
Provision for credit losses
Noninterest expense
Income before income tax expense
Net income
$
$
Overhead ratio
Overhead ratio excluding core deposit intangibles (a)
BUSINESS METRICS (in billions)
Business banking origination volume
End-of-period loans owned
End-of-period deposits:
Checking
Savings
Time and other
Total end-of-period deposits
Average loans owned
Average deposits:
Checking
Savings
Time and other
Total average deposits
Deposit margin
Average assets
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs
Net charge-off rate
Nonperforming assets
RETAIL BRANCH BUSINESS METRICS
Investment sales volume
Number of:
Branches
ATMs
Personal bankers
Sales specialists
Active online customers (in thousands)
Checking accounts (in thousands)
(a)
4Q09
1,702
2,635
4,337
191
2,577
1,569
898
$
$
59 %
58
3Q09
1,804
2,716
4,520
248
2,574
1,698
1,027
$
$
57 %
55
2Q09
1,844
2,732
4,576
208
2,646
1,722
1,043
$
$
58 %
56
1Q09
1,803
2,719
4,522
361
2,557
1,604
970
$
$
57 %
55
4Q09
1,718
2,614
4,332
325
2,580
1,427
863
1Q09
(6) %
(3)
(4)
(23)
(8)
(13)
(1) %
1
(41)
10
4
60 %
58
$
0.9
16.8
$
0.7
17.0
$
0.5
17.4
$
0.6
17.8
$
0.5
18.2
35
(1)
96
(8)
$
123.8
163.4
53.2
340.4
16.9
$
121.9
153.4
58.0
333.3
17.2
$
115.5
151.6
66.6
333.7
17.7
$
114.1
150.4
78.9
343.4
18.0
$
113.9
152.4
86.5
352.8
18.4
2
7
(8)
2
(2)
9
7
(38)
(4)
(8)
$
$
$
$
$
$
$
$
$
$
119.7
$
158.6
55.6
333.9
3.02 %
28.9
$
116.4
$
153.1
60.3
329.8
3.06 %
28.2
$
114.0
$
151.2
74.4
339.6
2.99 %
28.1
$
114.2
$
151.2
82.7
348.1
2.92 %
29.1
$
109.4
148.2
88.2
345.8
2.85 %
30.2
3
4
(8)
1
9
7
(37)
(3)
2
(4)
191
$
4.58 %
872
$
248
$
5.72 %
839
$
208
$
4.66 %
816
$
211
$
4.70 %
686
$
175
3.86 %
579
(23)
9
4
51
4,398
2
35
5,186
14,159
15,544
5,454
12,882
24,984
1
6
7
5
-
(1)
10
22
16
26
3
5,956
5,155
15,549
19,003
6,315
16,208
25,830
$
5,851
5,154
15,406
17,991
5,912
15,424
25,712
$
6,243
5,126
15,038
16,941
5,530
13,852
25,546
$
5,292
5,203
14,144
15,959
5,485
13,930
25,252
$
Retail Banking uses the overhead ratio (excluding the amortization of 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. The non-GAAP ratio excludes Retail Banking's CDI amortization expense related to prior business combination transactions of $70 million, $80 million, $83 million, $82 million and $83
million for the quarters ended March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively.
Page 13

15. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
1Q10 Change
1Q10
MORTGAGE BANKING & OTHER CONSUMER LENDING
$
Noninterest revenue (a)
Net interest income
Total net revenue
Provision for credit losses
Noninterest expense
Income before income tax expense
Net income (a)
$
Overhead ratio
BUSINESS METRICS (in billions)
End-of-period loans owned:
Auto loans
Mortgage (b)
Student loans and other
Total end-of-period loans owned
Average loans owned:
Auto loans
Mortgage (b)
Student loans and other
Total average loans owned (c)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Auto loans
Mortgage
Student loans and other
Total net charge-offs
(a)
(b)
(c)
(d)
(e)
(f)
1,018
893
1,911
217
1,246
448
257
$
$
65 %
3Q09
801
802
1,603
242
1,163
198
266
$
$
73 %
2Q09
1,201
834
2,035
222
1,139
674
412
$
$
56 %
1Q09
1,134
721
1,855
366
1,105
384
235
$
$
60 %
4Q09
1,921
808
2,729
405
1,137
1,187
730
1Q09
27 %
11
19
(10)
7
126
(3)
(47) %
11
(30)
(46)
10
(62)
(65)
42 %
$
47.4
13.7
17.4
78.5
$
46.0
11.9
15.8
73.7
$
44.3
10.1
15.6
70.0
$
42.9
8.9
15.7
67.5
$
43.1
8.8
17.4
69.3
3
15
10
7
10
56
13
$
46.9
12.5
18.4
77.8
$
45.3
10.6
15.6
71.5
$
43.3
8.9
15.3
67.5
$
43.1
8.4
16.8
68.3
$
42.5
7.4
17.6
67.5
4
18
18
9
10
69
5
15
$
102
6
64
172
$
148
92
240
$
159
7
60
226
$
146
2
101
249
$
174
5
34
213
(31)
NM
(30)
(28)
(41)
20
88
(19)
10
21
$
Net charge-off rate:
Auto loans
Mortgage
Student loans and other
Total net charge-off rate (c)
30+ day delinquency rate (d) (e)
Nonperforming assets (f)
4Q09
$
0.88 %
0.20
1.64
0.93
$
1.47 %
1,006
$
$
$
$
1.30 %
2.59
1.36
1.46 %
0.32
1.66
1.35
1.36 %
0.10
2.79
1.52
1.66 %
0.29
0.92
1.34
1.75 %
912
$
1.76 %
872
$
1.80 %
783
$
1.56 %
830
Losses related to the repurchase of previously-sold loans are recorded as a reduction of production revenue. These losses totaled $432 million, $672 million, $465 million, $255 million and $220 million for the quarters ended March 31, 2010, December
31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively. The losses resulted in a negative impact on net income of $252 million, $413 million, $286 million, $157 million and $135 million for the quarters ended March 31, 2010,
December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively.
Predominantly represents loans repurchased from Government National Mortgage Association (“GNMA”) pools, which are insured by U.S. government agencies.
Total average loans owned includes loans held-for-sale of $2.9 billion, $1.7 billion, $1.3 billion, $2.8 billion and $3.1 billion for the quarters ended March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009,
respectively. These amounts are excluded when calculating the net charge-off rate.
Excludes mortgage loans that are insured by U.S. government agencies of $11.2 billion, $9.7 billion, $7.7 billion, $5.1 billion and $4.9 billion at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively.
These amounts are excluded as reimbursement is proceeding normally.
Excludes loans that are 30 days past due and still accruing, which are insured by U.S. government agencies under the Federal Family Education Loan Program of $1.0 billion, $942 million, $903 million, $854 million and $770 million at March 31, 2010,
December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively. These amounts are excluded as reimbursement is proceeding normally.
Nonperforming loans and assets excludes: (1) mortgage loans insured by U.S. government agencies of $10.5 billion, $9.0 billion, $7.0 billion, $4.2 billion and $4.2 billion at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and
March 31, 2009, respectively; (2) real estate owned insured by U.S. government agencies of $707 million, $579 million, $579 million, $508 million and $433 million at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March
31, 2009, respectively; and (3) student loans that are 90 days past due and still accruing, which are insured by U.S. government agencies under the Federal Family Education Loan Program, of $660 million, $542 million, $511 million, $473 million and
$433 million at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively. These amounts are excluded as reimbursement is proceeding normally.
Page 14

16. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions, except ratio data where otherwise noted)
QUARTERLY TRENDS
1Q10 Change
1Q10
MORTGAGE BANKING & OTHER CONSUMER
LENDING (continued)
Origination volume:
Mortgage origination volume by channel
Retail
Wholesale (a)
Correspondent (a)
CNT (negotiated transactions)
Total mortgage origination volume
Student loans
Auto
Application volume:
Mortgage application volume by channel
Retail
Wholesale (a)
Correspondent (a)
Total mortgage application volume
Ratio of annualized loan servicing revenue to third-party
mortgage loans serviced (average)
MSR revenue multiple (c)
(a)
(b)
(c)
3Q09
2Q09
1Q09
4Q09
1Q09
$
11.4
0.4
16.0
3.9
31.7
1.6
6.3
$
12.3
0.6
20.0
1.9
34.8
0.6
5.9
$
13.3
0.7
21.1
2.0
37.1
1.5
6.9
$
14.7
0.7
21.9
3.8
41.1
0.4
5.3
$
13.6
1.6
18.0
4.5
37.7
1.7
5.6
(7) %
(33)
(20)
105
(9)
167
7
(16) %
(75)
(11)
(13)
(16)
(6)
13
$
20.3
0.8
18.2
39.3
$
17.4
0.7
25.3
43.4
$
17.8
1.1
26.6
45.5
$
23.0
1.3
29.7
54.0
$
32.7
1.8
29.2
63.7
17
14
(28)
(9)
(38)
(56)
(38)
(38)
14.0
113.4
1,148.8
1,155.0
10.6
(10)
4
(1)
(1)
-
4
10
(6)
(7)
46
NM
(100)
Average mortgage loans held-for-sale and loans
at fair value (b)
Average assets
Third-party mortgage loans serviced (ending)
Third-party mortgage loans serviced (average)
MSR net carrying value (ending)
Ratio of MSR net carrying value (ending) to third-party
mortgage loans serviced (ending)
SUPPLEMENTAL MORTGAGE FEES AND
RELATED INCOME DETAILS (in millions)
Production revenue
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue
Other changes in MSR asset fair value
Total operating revenue
Risk management:
Changes in MSR asset fair value due to inputs or
assumptions in model
Derivative valuation adjustments and other
Total risk management
Total net mortgage servicing revenue
Mortgage fees and related income
4Q09
14.5
124.8
1,075.0
1,076.4
15.5
16.2
119.5
1,082.1
1,088.8
15.5
1.44 %
$
1
18.0
115.2
1,098.9
1,104.4
13.6
1.43 %
$
(192)
16.7
111.6
1,117.5
1,128.1
14.6
1.24 %
$
(70)
1.31 %
$
284
0.92 %
$
481
1,107
(605)
502
1,221
(657)
564
1,220
(712)
508
1,279
(837)
442
1,222
(1,073)
149
(9)
8
(11)
(9)
44
237
(96)
248
152
654
655
1,762
(1,653)
109
673
481
(1,099)
1,534
435
943
873
3,831
(3,750)
81
523
807
1,310
(307)
1,003
1,152
1,633
NM
NM
39
(3)
36
NM
NM
(85)
(43)
(60)
0.42 %
3.43x
0.44 %
3.25x
0.44 %
2.82x
0.45 %
2.91x
0.43 %
2.14x
Includes rural housing loans sourced through brokers and correspondents, which are underwritten under U.S. Department of Agriculture guidelines. Prior period amounts have been revised to conform with the
current period presentation.
Loans at fair value consist 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. Average balances of these
loans totaled $14.2 billion, $16.0 billion, $17.7 billion, $16.2 billion and $13.4 billion for the quarters ended March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009,
respectively.
Represents the ratio of MSR net carrying value (ending) to third-party mortgage loans serviced (ending) divided by the ratio of annualized loan servicing revenue to third-party mortgage loans serviced (average).
Page 15

17. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
1Q10 Change
1Q10
REAL ESTATE PORTFOLIOS
Noninterest revenue
Net interest income
Total net revenue
Provision for credit losses
Noninterest expense
Income/(loss) before income tax expense/(benefit)
Net income/(loss)
$
$
Overhead ratio
BUSINESS METRICS (in billions)
LOANS EXCLUDING PURCHASED CREDIT-IMPAIRED
LOANS (a)
End-of-period loans owned:
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Other
Total end-of-period loans owned
Average loans owned:
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Other
Total average loans owned
PURCHASED CREDIT-IMPAIRED LOANS (a)
End-of-period loans owned:
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Total end-of-period loans owned
Average loans owned:
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Total average loans owned
TOTAL REAL ESTATE PORTFOLIOS
End-of-period loans owned:
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Other
Total end-of-period loans owned
Average loans owned:
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Other
Total average loans owned
Average assets
Home equity origination volume
(a)
4Q09
32
1,496
1,528
3,325
419
(2,216)
(1,286)
27
$
$
%
3Q09
(6)
1,552
1,546
3,739
565
(2,758)
(1,692)
37
$
$
%
2Q09
19
1,588
1,607
3,558
411
(2,362)
(1,448)
26
$
$
%
1Q09
3
1,590
1,593
3,119
417
(1,943)
(1,190)
26
$
$
%
4Q09
(42)
1,816
1,774
3,147
454
(1,827)
(1,119)
26
1Q09
NM %
(4)
(1)
(11)
(26)
20
24
NM %
(18)
(14)
6
(8)
(21)
(15)
%
$
97.7
46.8
13.2
8.6
1.0
167.3
$
101.4
47.5
12.5
8.5
0.7
170.6
$
104.8
50.0
13.3
8.9
0.7
177.7
$
108.2
53.2
13.8
9.0
0.9
185.1
$
111.7
56.6
14.6
9.0
0.9
192.8
(4)
(1)
6
1
43
(2)
(13)
(17)
(10)
(4)
11
(13)
$
99.5
47.9
13.8
8.7
1.1
171.0
$
103.3
48.8
12.8
8.7
0.7
174.3
$
106.6
51.7
13.6
8.9
0.8
181.6
$
110.1
54.9
14.3
9.1
0.9
189.3
$
113.4
58.0
14.9
8.8
0.9
196.0
(4)
(2)
8
57
(2)
(12)
(17)
(7)
(1)
22
(13)
$
26.0
19.2
5.8
28.3
79.3
$
26.5
19.7
6.0
29.0
81.2
$
27.1
20.2
6.1
29.8
83.2
$
27.7
20.8
6.4
30.5
85.4
$
28.4
21.4
6.6
31.2
87.6
(2)
(3)
(3)
(2)
(2)
(8)
(10)
(12)
(9)
(9)
$
26.2
19.5
5.9
28.6
80.2
$
26.7
20.0
6.1
29.3
82.1
$
27.4
20.5
6.2
30.2
84.3
$
28.0
21.0
6.5
31.0
86.5
$
28.4
21.6
6.7
31.4
88.1
(2)
(3)
(3)
(2)
(2)
(8)
(10)
(12)
(9)
(9)
$
123.7
66.0
19.0
36.9
1.0
246.6
$
127.9
67.2
18.5
37.5
0.7
251.8
$
131.9
70.2
19.4
38.7
0.7
260.9
$
135.9
74.0
20.2
39.5
0.9
270.5
$
140.1
78.0
21.2
40.2
0.9
280.4
(3)
(2)
3
(2)
43
(2)
(12)
(15)
(10)
(8)
11
(12)
$
125.7
67.4
19.7
37.3
1.1
251.2
240.2
0.3
$
130.0
68.8
18.9
38.0
0.7
256.4
247.3
0.4
$
134.0
72.2
19.8
39.1
0.8
265.9
258.3
0.5
$
138.1
75.9
20.8
40.1
0.9
275.8
269.5
0.6
$
141.8
79.6
21.6
40.2
0.9
284.1
279.9
0.9
(3)
(2)
4
(2)
57
(2)
(3)
(25)
(11)
(15)
(9)
(7)
22
(12)
(14)
(67)
Purchased credit-impaired loans represent loans acquired in the Washington Mutual transaction for which a deterioration in credit quality occurred between the origination date and JPMorgan Chase’s acquisition date. These loans were initially
recorded at fair value and accrete interest income over the estimated lives of the loans as long as cash flows are reasonably estimable, even if the underlying loans are contractually past due.
Page 16

18. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q10 Change
1Q10
REAL ESTATE PORTFOLIOS (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs excluding purchased credit-impaired
loans (a)
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Other
Total net charge-offs
Net charge-off rate excluding purchased credit-impaired
loans (a)
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Other
Total net charge-off rate excluding purchased
credit-impaired loans
Net charge-off rate - reported
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Other
Total net charge-off rate - reported
30+ day delinquency rate excluding purchased
credit-impaired loans (b)
Allowance for loan losses
Nonperforming assets (c)
Allowance for loan losses to ending loans retained
Allowance for loan losses to ending loans retained
excluding purchased credit-impaired loans (a)
(a)
(b)
(c)
$
4Q09
1,126
453
457
23
16
2,075
$
4.59 %
3.84
13.43
1.07
5.90
3Q09
1,177
568
452
29
24
2,250
$
4.52 %
4.62
14.01
1.32
13.60
2Q09
1,142
518
422
15
19
2,116
$
4.25 %
3.98
12.31
0.67
9.42
1Q09
1,265
479
410
15
20
2,189
$
4.61 %
3.50
11.50
0.66
8.91
4Q09
1,098
307
364
4
15
1,788
(4) %
(20)
1
(21)
(33)
(8)
3 %
48
26
475
7
16
3.93 %
2.15
9.91
0.18
6.76
4.92
5.12
4.62
4.64
3.70
3.63
2.73
9.41
0.25
5.90
3.35
$
1Q09
3.59
3.28
9.49
0.30
13.60
3.48
3.38
2.85
8.46
0.15
9.42
3.16
3.67
2.53
7.91
0.15
8.91
3.18
3.14
1.56
6.83
0.04
6.76
2.55
7.28
14,127
$
10,313
5.73 %
6.76
7.73
12,752
$
10,347
5.06 %
6.55
7.46
11,261
$
10,196
4.32 %
5.72
6.46
9,821
$
9,085
3.63 %
5.31
5.87
8,870
8,437
3.16 %
11
-
59
22
4.60
Excludes the impact of purchased credit-impaired loans that were acquired as part of the Washington Mutual transaction. These loans were accounted for at fair value on the acquisition date, which incorporated
management's estimate, as of that date, of credit losses over the remaining life of the portfolio. An allowance for loan losses of $2.8 billion, $1.6 billion and $1.1 billion was recorded for these loans at March 31,
2010, December 31, 2009 and September 30, 2009, respectively, which has also been excluded from applicable ratios. No allowance for losses was recorded at June 30, 2009 and March 31, 2009. To date, no
charge-offs have been recorded for these loans.
The delinquency rate for purchased credit-impaired loans was 28.49%, 27.79%, 25.56%, 23.37% and 21.36% at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009,
respectively.
Excludes purchased credit-impaired loans that were acquired as part of the Washington Mutual transaction. These loans are accounted for on a pool basis, and the pools are considered to be performing.
Page 17

19. JPMORGAN CHASE & CO.
CARD SERVICES - MANAGED BASIS
FINANCIAL HIGHLIGHTS
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
1Q10 Change
1Q10
INCOME STATEMENT (a)
REVENUE
Credit card income
All other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE
$
4Q09
813
(55)
758
3,689
4,447
$
3Q09
931
(46)
885
4,263
5,148
$
2Q09
916
(85)
831
4,328
5,159
$
1Q09
921
(364)
557
4,311
4,868
$
4Q09
1Q09
844
(197)
647
4,482
5,129
(13) %
(20)
(14)
(13)
(14)
(4) %
72
17
(18)
(13)
Provision for credit losses
3,512
4,239
4,967
4,603
4,653
(17)
(25)
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
330
949
123
1,402
336
938
122
1,396
354
829
123
1,306
329
873
131
1,333
357
850
139
1,346
(2)
1
1
-
(8)
12
(12)
4
$
(1,068)
(396)
(672)
$
(870)
(323)
(547)
4
9
1
46
49
45
$
(268)
$
(180)
NM
NM
Income/(loss) before income tax expense/(benefit)
Income tax expense/(benefit)
NET INCOME/(LOSS)
N/A
$
Memo: Net securitization income/(loss)
FINANCIAL RATIOS (a)
ROE
Overhead ratio
Percentage of average outstandings:
Net interest income
Provision for credit losses
Noninterest revenue
Risk adjusted margin (b)
Noninterest expense
Pretax income/(loss) (ROO) (c)
Net income/(loss)
BUSINESS METRICS
Sales volume (in billions)
New accounts opened (in millions)
Open accounts (in millions)
Merchant acquiring business
Bank card volume (in billions)
Total transactions (in billions)
(a)
(b)
(c)
(467)
(164)
(303)
$
(487)
(181)
(306)
$
(1,114)
(414)
(700)
$
17
$
(43)
(8) %
32
(8) %
27
9.60
9.14
1.97
2.43
3.65
(1.22)
(0.79)
(19) %
25
10.36
10.30
2.15
2.21
3.39
(1.18)
(0.74)
(18) %
27
10.15
11.65
1.95
0.45
3.06
(2.61)
(1.64)
(15) %
26
9.93
10.60
1.28
0.61
3.07
(2.46)
(1.55)
9.91
10.29
1.43
1.05
2.98
(1.92)
(1.21)
$
69.4
2.5
88.9
$
78.8
3.2
93.3
$
74.7
2.4
93.6
$
74.0
2.4
100.3
$
66.6
2.2
105.7
(12)
(22)
(5)
4
14
(16)
$
108.0
4.7
$
110.4
4.9
$
103.5
4.5
$
101.4
4.5
$
94.4
4.1
(2)
(4)
14
15
Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm consolidated its
Firm-sponsored credit card securitization trusts. As a result, $84.7 billion of loans and $7.4 billion of allowance for loan losses were recorded on the Consolidated Balance Sheet, while $16.7 billion of retained securitization
interests reported at December 31, 2009 were eliminated upon consolidation. Financial information presented for periods ended after January 1, 2010 are comparable with those previously presented on a managed basis. For
further discussion, see page 38 of this Financial Supplement.
Represents total net revenue less provision for credit losses.
Pretax return on average managed outstandings.
N/A: Not applicable.
Page 18

20. JPMORGAN CHASE & CO.
CARD SERVICES - MANAGED BASIS
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
QUARTERLY TRENDS
1Q10 Change
1Q10
SELECTED BALANCE SHEET DATA (Period-end)
Loans:
Loans on balance sheets
Securitized and unconsolidated loans (a)
Total loans
$
Equity
SELECTED BALANCE SHEET DATA (Average)
Managed assets
Loans:
Loans on balance sheets
Securitized and unconsolidated loans (a)
Total average loans
Equity
$
$
149,260
N/A
149,260
$
$
$
15,000
$
$
156,968
$
KEY STATS - WASHINGTON MUTUAL ONLY
Loans
Average loans
Net interest income (e)
Risk adjusted margin (e) (f)
Net charge-off rate (g)
30+ day delinquency rate (g)
90+ day delinquency rate (g)
KEY STATS - EXCLUDING WASHINGTON MUTUAL
Loans
Average loans
Net interest income (e)
Risk adjusted margin (e) (f)
Net charge-off rate
30+ day delinquency rate
90+ day delinquency rate
(a)
(b)
(c)
(d)
(e)
(f)
(g)
2Q09
$
$
78,215
87,028
165,243
15,000
$
$
184,535
$
$
155,790
N/A
155,790
$
15,000
$
1Q09
$
$
85,736
85,790
171,526
15,000
$
$
192,141
$
$
77,759
85,452
163,211
$
15,000
22,478
Delinquency rates
30+ day (b)
90+ day (b)
Allowance for loan losses (c)
Allowance for loan losses to period-end loans (c) (d)
3Q09
78,786
84,626
163,412
Headcount
CREDIT QUALITY STATISTICS (a)
Net charge-offs
Net charge-off rate (b)
4Q09
4,512
$
11.75 %
5.62 %
3.15
4Q09
1Q09
$
90,911
85,220
176,131
89 %
NM
(9)
64 %
NM
(15)
15,000
$
15,000
-
-
$
193,310
$
201,200
(15)
(22)
$
$
89,692
84,417
174,109
$
$
83,146
86,017
169,163
$
97,783
85,619
183,402
100
NM
(5)
59
NM
(15)
$
15,000
$
15,000
$
15,000
-
-
23,759
(1)
(5)
18
29
22,676
3,839
$
9.33 %
6.28 %
3.59
22,850
4,392
$
10.30 %
5.99 %
2.76
22,897
4,353
$
10.03 %
5.86 %
3.25
3,493
7.72 %
6.16 %
3.22
$
16,032
$
10.74 %
9,672
$
12.28 %
9,297
$
11.89 %
8,839
$
10.31 %
8,849
9.73 %
66
81
$
17,204
$
18,607
15.06 %
2.47
24.14
10.49
6.32
19,653
$
20,377
17.12 %
(0.66)
20.49
12.72
7.76
21,163
$
22,287
17.04 %
(4.45)
21.94
12.44
6.21
23,093
$
24,418
17.90 %
(3.89)
19.17
11.98
6.85
25,908
27,578
16.45 %
4.42
14.57
10.89
5.79
(12)
(9)
(34)
(33)
$
132,056
$
137,183
8.86 %
2.43
10.54
4.99
2.74
143,759
$
142,834
9.40 %
2.62
8.64
5.52
3.13
144,080
$
146,876
9.10 %
1.19
9.41
5.38
2.48
148,433
$
149,691
8.63 %
1.34
8.97
5.27
2.90
150,223
155,824
8.75 %
0.46
6.86
5.34
2.78
(8)
(4)
(12)
(12)
Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm consolidated its Firmsponsored credit card securitization trusts. As a result, $84.7 billion of loans and $7.4 billion of allowance for loan losses were recorded on the Consolidated Balance Sheet, while $16.7 billion of retained securitization interests reported
at December 31, 2009 were eliminated upon consolidation. Financial information presented for periods ended after January 1, 2010 are comparable with those previously presented on a managed basis. For further discussion, see page
38 of this Financial Supplement.
Results reflect the impact of purchase accounting adjustments related to the Washington Mutual transaction and the consolidation of the Washington Mutual Master Trust. Delinquency rates for March 31, 2010 are not impacted.
Based on loans on balance sheets.
Includes $1.0 billion, $3.0 billion and $5.0 billion of loans at December 31, 2009, September 30, 2009 and June 30, 2009, respectively, held by the Washington Mutual Master Trust, which were consolidated onto the Card Services
balance sheet at fair value during the second quarter of 2009. No allowance for loan losses was recorded for these loans as of December 31, 2009, September 30, 2009 and June 30, 2009. Excluding these loans, the allowance for loan
losses to period-end loans would have been 12.43%, 12.36% and 10.95%, respectively.
As a percentage of average managed outstandings.
Represents total net revenue less provision for credit losses.
Excludes the impact of purchase accounting adjustments related to the Washington Mutual transaction and the consolidation of the Washington Mutual Master Trust. Delinquency rates for March 31, 2010 are not impacted.
N/A: Not applicable.
Page 19

21. JPMORGAN CHASE & CO.
CARD RECONCILIATION OF REPORTED AND MANAGED DATA
(in millions, except ratio data)
QUARTERLY TRENDS
1Q10 Change
1Q10
INCOME STATEMENT DATA
Credit card income
Reported
Securitization adjustments (a)
Managed credit card income
Net interest income
Reported
Securitization adjustments (a)
Managed net interest income
Total net revenue
Reported
Securitization adjustments (a)
Managed total net revenue
Provision for credit losses
Reported
Securitization adjustments (a)
Managed provision for credit losses
$
$
$
$
$
$
$
$
BALANCE SHEETS - AVERAGE BALANCES
Total average assets
Reported
Securitization adjustments (a)
Managed average assets
$
CREDIT QUALITY STATISTICS
Net charge-offs
Reported
Securitization adjustments (a)
Managed net charge-offs
$
Net charge-off rates
Reported
Securitized and unconsolidated (a)
Managed net charge-off rate
(a)
$
$
4Q09
813
N/A
813
$
3,689
N/A
3,689
$
4,447
N/A
4,447
$
3,512
N/A
3,512
$
156,968
N/A
156,968
$
4,512
N/A
4,512
$
11.75
N/A
11.75
$
$
$
$
$
$
%
3Q09
1,306
(375)
931
$
2,271
1,992
4,263
$
3,531
1,617
5,148
$
2,622
1,617
4,239
$
102,748
81,787
184,535
$
2,222
1,617
3,839
$
11.34
7.51
9.33
$
$
$
$
$
$
%
2Q09
1,201
(285)
916
$
2,345
1,983
4,328
$
3,461
1,698
5,159
$
3,269
1,698
4,967
$
109,362
82,779
192,141
$
2,694
1,698
4,392
$
12.85
7.83
10.30
$
$
$
$
$
$
%
1Q09
1,215
(294)
921
$
2,353
1,958
4,311
$
3,204
1,664
4,868
$
2,939
1,664
4,603
$
111,722
81,588
193,310
$
2,689
1,664
4,353
$
12.03
7.91
10.03
$
$
$
$
$
$
%
4Q09
1Q09
1,384
(540)
844
(38) %
NM
(13)
(41) %
NM
(4)
2,478
2,004
4,482
62
NM
(13)
49
NM
(18)
3,665
1,464
5,129
26
NM
(14)
21
NM
(13)
3,189
1,464
4,653
34
NM
(17)
10
NM
(25)
118,418
82,782
201,200
53
NM
(15)
33
NM
(22)
2,029
1,464
3,493
103
NM
18
122
NM
29
8.42
6.93
7.72
%
Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm
consolidated its Firm-sponsored credit card securitization trusts. As a result, reported and managed basis are comparable for periods ended after January 1, 2010. For further discussion, see page 38 of this Financial
Supplement.
N/A: Not applicable.
Page 20

22. JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q10 Change
1Q10
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees
Asset management, administration and commissions
All other income (a)
Noninterest revenue
Net interest income
TOTAL NET REVENUE
$
4Q09
277
37
186
500
916
1,416
$
3Q09
279
35
149
463
943
1,406
$
2Q09
269
35
170
474
985
1,459
$
1Q09
270
36
152
458
995
1,453
$
4Q09
263
34
125
422
980
1,402
1Q09
(1) %
6
25
8
(3)
1
5 %
9
49
18
(7)
1
Provision for credit losses
214
494
355
312
293
(57)
(27)
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
206
324
9
539
183
351
9
543
196
339
10
545
197
327
11
535
200
342
11
553
13
(8)
(1)
3
(5)
(18)
(3)
Income before income tax expense
Income tax expense
NET INCOME
663
273
390
369
145
224
559
218
341
606
238
368
556
218
338
80
88
74
19
25
15
3
(1)
(3)
7
1
(1)
(1)
44
(17)
1
Revenue by product:
Lending
Treasury services
Investment banking
Other
Total Commercial Banking revenue
IB revenue, gross (b)
Revenue by client segment:
Middle Market Banking
Commercial Term Lending
Mid-Corporate Banking
Real Estate Banking
Other
Total Commercial Banking revenue
FINANCIAL RATIOS
ROE
Overhead ratio
(a)
(b)
$
$
$
$
$
658
638
105
15
1,416
$
$
$
$
$
$
639
645
108
14
1,406
311
$
746
229
263
100
78
1,416
$
20
38
$
%
$
$
$
675
672
99
13
1,459
328
$
760
191
277
100
78
1,406
$
11
39
$
%
$
$
$
684
679
114
(24)
1,453
$
665
646
73
18
1,402
301
$
328
$
206
(5)
51
771
232
278
121
57
1,459
$
772
224
305
120
32
1,453
$
752
228
242
120
60
1,402
(2)
20
(5)
1
(1)
9
(17)
30
1
17
37
$
%
18
37
$
%
17
39
%
Revenue from investment banking products sold to Commercial Banking ("CB") clients and commercial card revenue is included in all other income.
Represents the total revenue related to investment banking products sold to CB clients.
Page 21

23. JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
1Q10 Change
1Q10
SELECTED BALANCE SHEET DATA (Period-end)
Loans:
Loans retained
Loans held-for-sale and loans at fair value
Total loans
Equity
SELECTED BALANCE SHEET DATA (Average)
Total assets
Loans:
Loans retained
Loans held-for-sale and loans at fair value
Total loans
Liability balances (a)
Equity
Average loans by client segment:
Middle Market Banking
Commercial Term Lending
Mid-Corporate Banking
Real Estate Banking
Other
Total Commercial Banking loans
Net charge-off rate
Allowance for loan losses to period-end loans retained
Allowance for loan losses to average loans retained
Allowance for loan losses to nonperforming loans retained
Nonperforming loans to total period-end loans
Nonperforming loans to total average loans
(a)
(b)
3Q09
2Q09
1Q09
4Q09
1Q09
$
95,435
294
95,729
8,000
$
97,108
324
97,432
8,000
$
101,608
288
101,896
8,000
$
105,556
296
105,852
8,000
$
110,923
272
111,195
8,000
$
133,013
$
129,948
$
130,316
$
137,283
$
144,298
2
(8)
113,568
297
113,865
114,975
8,000
(3)
(23)
(4)
9
-
(15)
(15)
16
-
40,728
36,814
18,416
13,264
4,643
113,865
(3)
(1)
(9)
(6)
(7)
(4)
(17)
(2)
(33)
(21)
(15)
(15)
13
3
(53)
71
96,317
297
96,614
133,142
8,000
$
$
Headcount
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs
Nonperforming loans:
Nonperforming loans retained (b)
Nonperforming loans held-for-sale and loans at fair value
Total nonperforming loans
Nonperforming assets
Allowance for credit losses:
Allowance for loan losses
Allowance for lending-related commitments
Total allowance for credit losses
4Q09
99,794
386
100,180
122,471
8,000
33,919
36,057
12,258
10,438
3,942
96,614
$
$
4,701
$
103,752
297
104,049
109,293
8,000
34,794
36,507
13,510
11,133
4,236
100,180
$
$
4,151
229
$
108,750
288
109,038
105,829
8,000
36,200
36,943
14,933
11,547
4,426
104,049
$
$
4,177
483
$
38,193
36,963
17,012
12,347
4,523
109,038
$
$
4,228
291
$
(2) %
(9)
(2)
-
4,545
181
$
134
(14) %
8
(14)
-
2,947
49
2,996
3,186
2,764
37
2,801
2,989
2,284
18
2,302
2,461
2,090
21
2,111
2,255
1,531
1,531
1,651
7
32
7
7
92
NM
96
93
3,007
359
3,366
3,025
349
3,374
3,063
300
3,363
3,034
272
3,306
2,945
240
3,185
(1)
3
-
2
50
6
0.96
3.15
3.12
102
3.13
3.10
%
1.92
3.12
3.03
109
2.87
2.80
%
1.11
3.01
2.95
134
2.26
2.21
%
0.67
2.87
2.79
145
1.99
1.94
%
0.48
2.65
2.59
192
1.38
1.34
%
Liability balances include deposits and deposits swept to on-balance sheet liabilities such as commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements.
Allowance for loan losses of $612 million, $581 million, $496 million, $460 million, and $352 million were held against nonperforming loans retained for the periods ended March 31, 2010, December 31, 2009,
September 30, 2009, June 30, 2009, and March 31, 2009, respectively.
Page 22

24. JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
FINANCIAL HIGHLIGHTS
(in millions, except headcount and ratio data)
QUARTERLY TRENDS
1Q10 Change
1Q10
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees
Asset management, administration and commissions
All other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE
$
Provision for credit losses
Credit reimbursement to IB (a)
4Q09
311
659
176
1,146
610
1,756
$
(39)
(30)
3Q09
330
675
212
1,217
618
1,835
$
53
(30)
2Q09
316
620
201
1,137
651
1,788
$
13
(31)
1Q09
314
710
221
1,245
655
1,900
$
(5)
(30)
4Q09
325
626
197
1,148
673
1,821
(6)
(30)
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
657
650
18
1,325
668
704
19
1,391
629
633
18
1,280
618
650
20
1,288
629
671
19
1,319
Income before income tax expense
Income tax expense
NET INCOME
440
161
279
361
124
237
464
162
302
587
208
379
478
170
308
REVENUE BY BUSINESS
Treasury Services
Worldwide Securities Services
TOTAL NET REVENUE
$
$
$
FINANCIAL RATIOS
ROE
Overhead ratio
Pretax margin ratio (b)
SELECTED BALANCE SHEET DATA (Period-end)
Loans (c)
Equity
SELECTED BALANCE SHEET DATA (Average)
Total assets
Loans (c)
Liability balances (d)
Equity
Headcount
(a)
(b)
(c)
(d)
882
874
1,756
$
$
$
17 %
75
25
918
917
1,835
$
$
$
19 %
76
20
919
869
1,788
$
$
$
24 %
72
26
934
966
1,900
$
$
$
30 %
68
31
931
890
1,821
1Q09
(6) %
(2)
(17)
(6)
(1)
(4)
(4) %
5
(11)
(9)
(4)
NM
-
NM
-
(2)
(8)
(5)
(5)
4
(3)
(5)
-
22
30
18
(8)
(5)
(9)
(4)
(5)
(4)
(5)
(2)
(4)
25 %
72
26
$
24,066
6,500
$
18,972
5,000
$
19,693
5,000
$
17,929
5,000
$
18,529
5,000
27
30
30
30
$
38,273
19,578
247,905
6,500
$
36,589
18,888
250,695
5,000
$
33,117
17,062
231,502
5,000
$
35,520
17,524
234,163
5,000
$
38,682
20,140
276,486
5,000
5
4
(1)
30
(1)
(3)
(10)
30
26,998
2
1
27,223
26,609
26,389
27,252
IB credit portfolio group manages certain exposures on behalf of clients shared with TSS. TSS reimburses IB for a portion of the total cost of managing the credit portfolio. IB recognizes this credit
reimbursement as a component of noninterest revenue.
Pretax margin represents income before income tax expense divided by total net revenue, which is a measure of pretax performance and another basis by which management evaluates its performance and
that of its competitors.
Loan balances include wholesale overdrafts, commercial card and trade finance loans.
Liability balances include deposits and deposits swept to on-balance sheet liabilities, such as commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements.
Page 23

25. JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
TSS firmwide metrics include revenue recorded in the CB, Retail Banking and Asset Management ("AM") lines of business and excludes FX revenue recorded in the IB for TSS-related FX activity.
In order to capture the firmwide impact of Treasury Services ("TS") and TSS products and revenue, management reviews firmwide metrics such as liability balances, revenue and overhead ratios in
assessing financial performance for TSS. Firmwide metrics are necessary in order to understand the aggregate TSS business.
QUARTERLY TRENDS
1Q10 Change
1Q10
TSS FIRMWIDE DISCLOSURES
TS revenue - reported
TS revenue reported in CB
TS revenue reported in other lines of business
TS firmwide revenue (a)
Worldwide Securities Services revenue
TSS firmwide revenue (a)
TS firmwide liability balances (average) (b)
TSS firmwide liability balances (average) (b)
$
$
$
TSS FIRMWIDE FINANCIAL RATIOS
TS firmwide overhead ratio (c)
TSS firmwide overhead ratio (c)
FIRMWIDE BUSINESS METRICS
Assets under custody (in billions)
Net charge-offs rate
Allowance for loan losses to period-end loans
Allowance for loan losses to average loans
Allowance for loan losses to nonperforming loans
Nonperforming loans to period-end loans
Nonperforming loans to average loans
(a)
(b)
(c)
(d)
(e)
882
638
56
1,576
874
2,450
$
305,105
381,047
$
55
65
$
Number of:
US$ ACH transactions originated (in millions)
Total US$ clearing volume (in thousands)
International electronic funds transfer volume
(in thousands) (d)
Wholesale check volume (in millions)
Wholesale cards issued (in thousands) (e)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs
Nonperforming loans
Allowance for credit losses:
Allowance for loan losses
Allowance for lending-related commitments
Total allowance for credit losses
4Q09
$
%
15,283
3Q09
918
645
57
1,620
917
2,537
$
289,024
373,166
$
54
66
$
$
%
14,885
2Q09
919
672
63
1,654
869
2,523
$
261,059
340,795
$
52
62
$
$
%
14,887
1Q09
934
679
63
1,676
966
2,642
$
258,312
339,992
$
51
59
$
$
%
13,748
4Q09
931
646
62
1,639
890
2,529
(4) %
(1)
(2)
(3)
(5)
(3)
289,645
391,461
(5) %
(1)
(10)
(4)
(2)
(3)
6
2
5
(3)
13,532
3
13
53
63
$
1Q09
%
949
28,669
965
28,604
978
28,193
978
27,186
(3)
(3)
(3)
5
55,754
478
27,352
$
975
29,493
53,354
514
27,138
48,533
530
26,977
47,096
572
25,501
44,365
568
23,757
4
(7)
1
26
(16)
15
2
30
-
NM
(53)
51
77
128
(35)
(10)
(23)
12
(1)
4
14
$
57
76
133
0.24
0.29
407
0.06
0.07
14
$
88
84
172
%
0.46
0.47
NM
0.07
0.07
14
$
15
104
119
%
0.08
0.09
107
0.07
0.08
17
14
$
15
92
107
%
0.39
0.08
0.09
107
0.08
0.08
%
0.04
0.28
0.25
170
0.16
0.15
%
TSS firmwide revenue includes FX revenue recorded in TSS and FX revenue associated with TSS customers who are FX customers of IB. However, some of the FX revenue associated with TSS customers who
are FX customers of IB is not included in TS and TSS firmwide revenue. These amounts were $137 million, $162 million, $154 million, $191 million, and $154 million for the quarters ended March 31, 2010,
December 31, 2009, September 30, 2009, June 30, 2009, and March 31, 2009, respectively.
Firmwide liability balances include liability balances recorded in Commercial Banking.
Overhead ratios have been calculated based on firmwide revenue and TSS and TS expense, respectively, including those allocated to certain other lines of business. FX revenue and expense recorded in IB for
TSS-related FX activity are not included in this ratio.
International electronic funds transfer includes non-U.S. dollar ACH and clearing volume.
Wholesale cards issued and outstanding include domestic commercial, stored value, prepaid and government electronic benefit card products.
Page 24

26. JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio, ranking and headcount data)
QUARTERLY TRENDS
1Q10 Change
INCOME STATEMENT
REVENUE
Asset management, administration and commissions
All other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE
Provision for credit losses
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
Income before income tax expense
Income tax expense
NET INCOME
REVENUE BY CLIENT SEGMENT
Private Bank
Institutional
Retail
Private Wealth Management
JPMorgan Securities (a)
Total net revenue
FINANCIAL RATIOS
ROE
Overhead ratio
Pretax margin ratio (b)
BUSINESS METRICS
Number of:
Client advisors
Retirement planning services participants (in thousands)
JPMorgan Securities brokers (a)
% of customer assets in 4 & 5 Star Funds (c)
% of AUM in 1st and 2nd quartiles: (d)
1 year
3 years
5 years
SELECTED BALANCE SHEET DATA (Period-end)
Loans
Equity
SELECTED BALANCE SHEET DATA (Average)
Total assets
Loans
Deposits
Equity
Headcount
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs
Nonperforming loans
Allowance for credit losses:
Allowance for loan losses
Allowance for lending-related commitments
Total allowance for credit losses
Net charge-off rate
Allowance for loan losses to period-end loans
Allowance for loan losses to average loans
Allowance for loan losses to nonperforming loans
Nonperforming loans to period-end loans
Nonperforming loans to average loans
(a)
(b)
(c)
(d)
1Q10
$
$
$
$
4Q09
1,508
266
1,774
357
2,131
35
$
910
514
18
1,442
654
262
392
$
698
566
415
343
109
2,131
24
68
31
1,987
1,651
390
43
55
67
77
$
$
%
3Q09
1,632
191
1,823
372
2,195
58
$
907
543
20
1,470
667
243
424
$
723
584
445
331
112
2,195
24
67
30
%
1,934
1,628
376
42
%
%
%
57
62
74
$
$
%
2Q09
1,443
238
1,681
404
2,085
38
$
858
474
19
1,351
696
266
430
$
639
534
471
339
102
2,085
24
65
33
%
1,891
1,620
365
39
%
%
%
60
70
74
$
$
%
1Q09
1,315
253
1,568
414
1,982
59
$
810
525
19
1,354
569
217
352
$
640
487
411
334
110
1,982
20
68
29
%
1,838
1,595
362
45
%
%
%
62
69
80
$
$
%
4Q09
1Q09
1,231
69
1,300
403
1,703
33
(8) %
39
(3)
(4)
(3)
(40)
800
479
19
1,298
372
148
224
(5)
(10)
(2)
(2)
8
(8)
14
7
(5)
11
76
77
75
583
460
253
312
95
1,703
(3)
(3)
(7)
4
(3)
(3)
20
23
64
10
15
25
6
1
9
2
13
76
22
23 %
286
36
(11)
25
6
%
%
1,872
1,628
359
42
%
3
1
4
2
%
%
%
54
62
66
%
%
%
(4)
8
4
2
8
17
$
37,088
6,500
$
37,755
7,000
$
35,925
7,000
$
35,474
7,000
$
33,944
7,000
(2)
(7)
9
(7)
$
62,525
36,602
80,662
6,500
15,321
$
63,036
36,137
77,352
7,000
15,136
$
60,345
34,822
73,649
7,000
14,919
$
59,334
34,292
75,355
7,000
14,840
$
58,227
34,585
81,749
7,000
15,109
(1)
1
4
(7)
1
7
6
(1)
(7)
1
$
28
475
$
35
580
$
17
409
$
46
313
$
19
301
(20)
(18)
47
58
215
4
219
0.22
0.63
0.62
71
0.89
0.87
(3)
44
(1)
21
225
25
261
13
274
0.31
0.70
0.71
55
1.28
1.30
%
269
9
278
0.38
0.71
0.74
46
1.54
1.61
%
251
5
256
0.19
0.70
0.72
61
1.14
1.17
%
226
4
230
0.54
0.64
0.66
72
0.88
0.91
%
%
JPMorgan Sec urities was for merly known as Bear St earns Privat e Client Ser vices prior to Januar y 1, 2010.
Pretax margin represents inc ome bef ore inc ome t ax expense di vided by total net r evenue, which is a measure of pret ax performanc e and anot her basis by which management evaluates its perf ormance and t hat of its competitors.
Derived from Morni ngstar for t he U nited St ates , t he U nited Kingdom, Luxembourg, Franc e, Hong Kong and Tai wan; and Nomura for Japan.
Quartile ranking sourced from Lipper f or the Unit ed States and Tai wan; Morni ngstar for t he United Kingdom, Luxembourg, Franc e and Hong Kong; and Nomura for Japan.
Page 25

27. JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
ASSETS UNDER SUPERVISION (a)
Assets by asset class
Liquidity
Fixed income
Equities and multi-asset
Alternatives
TOTAL ASSETS UNDER MANAGEMENT
Custody / brokerage / administration / deposits
TOTAL ASSETS UNDER SUPERVISION
Assets by client segment
Institutional
Private Bank
Retail
Private Wealth Management
JPMorgan Securities (b)
TOTAL ASSETS UNDER MANAGEMENT
Institutional
Private Bank
Retail
Private Wealth Management
JPMorgan Securities (b)
TOTAL ASSETS UNDER SUPERVISION
Assets by geographic region
U.S. / Canada
International
TOTAL ASSETS UNDER MANAGEMENT
U.S. / Canada
International
TOTAL ASSETS UNDER SUPERVISION
Mutual fund assets by asset class
Liquidity
Fixed income
Equities
Alternatives
TOTAL MUTUAL FUND ASSETS
(a)
(b)
Mar 31
2010
$
$
$
$
$
$
$
$
$
$
$
$
Dec 31
2009
521
246
355
97
1,219
488
1,707
$
669
184
282
70
14
1,219
$
670
476
371
133
57
1,707
$
815
404
1,219
$
1,189
518
1,707
$
470
76
150
9
705
$
$
$
$
$
$
$
Sep 30
2009
591
226
339
93
1,249
452
1,701
$
709
187
270
69
14
1,249
$
710
452
355
129
55
1,701
$
837
412
1,249
$
1,182
519
1,701
$
539
67
143
9
758
$
$
$
$
$
$
$
Jun 30
2009
634
215
316
94
1,259
411
1,670
$
737
180
256
71
15
1,259
$
737
414
339
131
49
1,670
$
862
397
1,259
$
1,179
491
1,670
$
576
57
133
10
776
$
$
$
$
$
$
$
March 31, 2010
Change
Dec 31
Mar 31
2009
2009
Mar 31
2009
617
194
264
96
1,171
372
1,543
$
697
179
216
67
12
1,171
$
697
390
289
123
44
1,543
$
814
357
1,171
$
1,103
440
1,543
$
569
48
111
9
737
$
$
$
$
$
$
$
625
180
215
95
1,115
349
1,464
(12) %
9
5
4
(2)
8
-
(17) %
37
65
2
9
40
17
668
181
184
68
14
1,115
(6)
(2)
4
1
(2)
2
53
3
9
669
375
250
120
50
1,464
(6)
5
5
3
4
-
27
48
11
14
17
789
326
1,115
(3)
(2)
(2)
3
24
9
1,066
398
1,464
1
-
12
30
17
570
42
85
8
705
(13)
13
5
(7)
(18)
81
76
13
-
Excludes assets under management of American Century Companies, Inc. in which the Firm has had a 42% ownership in all the periods presented.
JPMorgan Securities was formerly known as Bear Stearns Private Client Services prior to January 1, 2010.
Page 26

28. JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
QUARTERLY TRENDS
1Q10
ASSETS UNDER SUPERVISION (continued)
Assets under management rollforward
Beginning balance
Net asset flows:
Liquidity
Fixed income
Equities, multi-asset and alternatives
Market / performance / other impacts
TOTAL ASSETS UNDER MANAGEMENT
Assets under supervision rollforward
Beginning balance
Net asset flows
Market / performance / other impacts
TOTAL ASSETS UNDER SUPERVISION
$
1,249
$
(62)
16
6
10
1,219
$
$
1,701
(10)
16
1,707
4Q09
$
1,259
$
(44)
12
8
14
1,249
$
$
1,670
(11)
42
1,701
3Q09
$
1,171
$
9
13
12
54
1,259
$
$
1,543
45
82
1,670
2Q09
$
1,115
$
(7)
8
2
53
1,171
$
$
1,464
(9)
88
1,543
1Q09
$
1,133
$
19
1
(5)
(33)
1,115
$
$
1,496
25
(57)
1,464
Page 27

29. JPMORGAN CHASE & CO.
CORPORATE/PRIVATE EQUITY
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
QUARTERLY TRENDS
1Q10 Change
1Q10
INCOME STATEMENT
REVENUE
Principal transactions
Securities gains
All other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE
$
Provision for credit losses
NET INCOME/(LOSS)
Private equity
Corporate (d)
TOTAL NET INCOME/(LOSS)
Headcount
(a)
(b)
(c)
(d)
$
$
$
$
$
$
$
1,109
181
273
1,563
1,031
2,594
$
62
1Q09
1,243
366
(209)
1,400
865
2,265
$
9
4Q09
(1,493)
214
(19)
(1,298)
989
(309)
1Q09
(23) %
61
NM
16
10
13
NM %
185
NM
NM
9
NM
-
89
NM
641
345
205
1,191
(1,279)
(88)
(36)
187
NM
92
3
279
(26)
NM
NM
195
8
NM
$
$
55
173
228
$
$
$
768
875
103
1,746
(1,243)
503
655
1,319
143
2,117
(1,253)
864
1,459
115
2,242
2,357
19,307
715
378
13
1,106
978
2,084
2Q09
747
1,058
30
1,835
(1,219)
616
4
(224)
228
228
3Q09
9
475
3,041
3,516
(1,180)
2,336
Income/(loss) before income tax expense (benefit)
and extraordinary gain
MEMO:
TOTAL NET REVENUE
Private equity
Corporate
TOTAL NET REVENUE
547
610
124
1,281
1,076
2,357
17
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense (a)
Merger costs
Subtotal
Net expense allocated to other businesses
TOTAL NONINTEREST EXPENSE
Income tax expense/(benefit) (b)
Income/(loss) before extraordinary gain
Extraordinary gain (c)
NET INCOME/(LOSS)
4Q09
2,029
1,392
(221)
(100)
NM
262
1,197
1,197
818
1,211
76
1,287
584
808
808
41
(262)
(262)
NM
(81)
(81)
NM
NM
NM
(449)
140
(309)
(61)
25
13
NM
NM
NM
(280)
18
(262)
(61)
(84)
(81)
NM
NM
NM
(4)
(14)
$
296
1,788
2,084
$
141
1,056
1,197
$
20,119
$
$
$
172
2,422
2,594
$
88
1,199
1,287
$
20,747
$
$
$
(1)
2,266
2,265
$
(27)
835
808
$
21,522
$
$
22,339
The first quarter of 2010 includes a $2.3 billion increase reflecting increased litigation reserves, including those for mortgage-related matters. The second quarter of 2009 included a $675 million FDIC special
assessment.
The income tax expense in the first quarter of 2010 and fourth quarter of 2009 includes tax benefits recognized upon the resolution of tax audits.
On September 25, 2008, JPMorgan Chase acquired the banking operations of Washington Mutual. The acquisition resulted in negative goodwill, and accordingly, the Firm recognized an extraordinary gain. A
preliminary gain of $1.9 billion was recognized at December 31, 2008. The final total extraordinary gain that resulted from the Washington Mutual transaction was $2.0 billion.
The 2009 periods included merger costs and extraordinary gain related to the Washington Mutual transaction, as well as items related to the Bear Stearns merger, including merger costs, asset management
liquidation costs and Bear Stearns Private Client Services (which was renamed to JPMorgan Securities effective January 2010) broker retention expense.
Page 28

30. JPMORGAN CHASE & CO.
CORPORATE/PRIVATE EQUITY
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q10 Change
1Q10
4Q09
3Q09
2Q09
1Q09
4Q09
1Q09
SUPPLEMENTAL
TREASURY and CIO
Securities gains (a)
Investment securities portfolio (average)
Investment securities portfolio (ending)
Mortgage loans (average)
Mortgage loans (ending)
PRIVATE EQUITY
Private equity gains/(losses)
Direct investments
Realized gains
Unrealized gains/(losses) (b)
Total direct investments
Third-party fund investments
Total private equity gains/(losses) (c)
Private equity portfolio information
Direct investments
Publicly-held securities
Carrying value
Cost
Quoted public value
Privately-held direct securities
Carrying value
Cost
Third-party fund investments (d)
Carrying value
Cost
$
$
$
$
610
330,584
337,442
8,162
8,368
113
(75)
38
98
136
910
813
982
$
378
353,224
340,163
7,794
8,023
$
181
339,745
351,823
7,469
7,665
$
$
12
224
236
37
273
$
57
88
145
10
155
$
$
$
762
743
791
$
$
674
751
720
$
$
374
336,263
326,414
7,228
7,368
25
16
41
(61)
(20)
431
778
477
$
$
$
$
214
265,785
316,498
7,210
7,162
61 %
(6)
(1)
5
4
15
(409)
(394)
(68)
(462)
NM
NM
(84)
165
(50)
305
778
346
19
9
24
185 %
24
7
13
17
NM
82
NM
NM
NM
198
4
184
4,762
5,775
5,104
5,959
4,722
5,823
4,709
5,627
4,708
5,519
(7)
(3)
1
5
1,603
2,134
1,459
2,079
1,440
2,068
1,420
2,055
1,537
2,082
10
3
4
2
Total private equity portfolio - Carrying value
$
7,275
$
7,325
$
6,836
$
6,560
$
6,550
(1)
11
Total private equity portfolio - Cost
$
8,722
$
8,781
$
8,642
$
8,460
$
8,379
(1)
4
(a)
(b)
(c)
(d)
All periods reflect repositioning of the Corporate investment securities portfolio, and exclude gains/losses on securities used to manage risk associated with MSRs.
Unrealized gains (losses) contain reversals of unrealized gains and losses that were recognized in prior periods and have now been realized.
Included in principal transactions revenue in the Consolidated Statements of Income.
Unfunded commitments to third-party private equity funds were $1.4 billion, $1.5 billion, $1.4 billion, $1.5 billion and $1.5 billion at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and
March 31, 2009, respectively.
Page 29

31. JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
March 31, 2010
Change
CREDIT EXPOSURE
WHOLESALE (a)
Loans retained (b)
Loans held-for-sale and loans at fair value
TOTAL WHOLESALE LOANS - REPORTED
CONSUMER (c)
Home loan portfolio - excluding purchased credit-impaired loans:
Home equity
Prime mortgage (b)
Subprime mortgage (b)
Option ARMs (b)
Total home loan portfolio - excl. purchased credit-impaired loans
Home loan portfolio - purchased credit-impaired loans: (d)
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Total home loan portfolio - purchased credit-impaired loans
Other consumer:
Auto (b)
Credit card - reported:
Loans excluding those held by the WaMu Master Trust (b)
Loans held by the WaMu Master Trust (e)
Total credit card - reported
Other loans (b)
Loans retained
Loans held-for-sale (f)
TOTAL CONSUMER LOANS - REPORTED
TOTAL LOANS - REPORTED
Credit card - securitized and unconsolidated (b)
TOTAL MANAGED LOANS (b)
Derivative receivables
Receivables from customers
Interests in purchased receivables (b)
TOTAL CREDIT-RELATED ASSETS
Wholesale lending-related commitments (b)
TOTAL
Memo: Total by category
Total wholesale exposure (g)
Total consumer loans (b) (h)
Total
Risk profile of wholesale credit exposure:
Investment-grade
Noninvestment-grade:
Noncriticized
Criticized performing
Criticized nonperforming
Total noninvestment-grade
Loans held-for-sale and loans at fair value
Receivables from customers
Interests in purchased receivables (b)
Total wholesale exposure
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
Mar 31
2010
$
Dec 31
2009
210,211
4,079
214,290
$
200,077
4,098
204,175
Sep 30
2009
$
213,718
5,235
218,953
Jun 30
2009
$
Mar 31
2009
224,080
7,545
231,625
$
Dec 31
2009
Mar 31
2009
230,534
11,750
242,284
5
%
-
5
(9) %
(65)
(12)
97,642
68,210
13,219
8,644
187,715
108,229
68,878
13,825
9,034
199,966
111,781
71,731
14,594
8,940
207,046
(4)
2
6
1
(1)
(13)
(5)
(9)
(3)
(9)
26,520
19,693
5,993
29,039
81,245
27,088
20,229
6,135
29,750
83,202
27,729
20,807
6,341
30,529
85,406
28,366
21,398
6,565
31,243
87,572
(2)
(2)
(2)
(3)
(2)
(8)
(10)
(11)
(10)
(9)
47,381
46,031
44,309
42,887
43,065
3
10
149,260
149,260
32,951
496,630
2,879
499,509
$
104,795
67,597
13,270
8,852
194,514
26,012
19,203
5,848
28,260
79,323
$
101,425
66,892
12,526
8,536
189,379
77,784
1,002
78,786
31,700
427,141
2,142
429,283
75,207
3,008
78,215
32,405
432,645
1,546
434,191
80,722
5,014
85,736
33,041
447,036
1,940
448,976
90,911
90,911
33,700
462,294
3,665
465,959
92
NM
89
4
16
34
16
64
64
(2)
7
(21)
7
713,799
N/A
713,799
79,416
16,314
2,579
812,108
326,921
1,139,029
633,458
84,626
718,084
80,210
15,745
2,927
816,966
347,155
1,164,121
653,144
87,028
740,172
94,065
13,148
2,329
849,714
343,135
1,192,849
680,601
85,790
766,391
97,491
12,977
2,972
879,831
343,991
1,223,822
708,243
85,220
793,463
131,247
14,504
939,214
363,013
1,302,227
13
NM
(1)
(1)
4
(12)
(1)
(6)
(2)
1
NM
(10)
(39)
12
NM
(14)
(10)
(13)
(2)
(3)
(2)
(15)
(9)
(13)
$
$
$
639,520
499,509
1,139,029
$
457,471
$
$
$
650,212
513,909
1,164,121
$
460,702
$
$
$
671,630
521,219
1,192,849
$
474,005
$
$
$
689,056
534,766
1,223,822
$
751,048
551,179
1,302,227
$
491,168
$
546,968
(1)
(16)
129,368
23,451
6,258
159,077
$
133,557
26,095
7,088
166,740
141,578
27,217
8,118
176,913
141,408
26,453
6,533
174,394
147,891
25,320
4,615
177,826
(3)
(10)
(12)
(5)
(13)
(7)
36
(11)
4,079
16,314
2,579
639,520
4,098
15,745
2,927
650,212
5,235
13,148
2,329
671,630
7,545
12,977
2,972
689,056
11,750
14,504
751,048
4
(12)
(2)
(65)
12
NM
(15)
$
$
$
$
Includes Investment Bank, Commercial Banking, Treasury & Securities Services and Asset Management.
Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm consolidated: $84.7 billion of loans associated with Firm-sponsored credit card
securitization trusts; $17.7 billion of assets associated with Firm-administered multi-seller conduits, of which $2.5 billion related to interests in purchased receivables and $15.1 billion related to wholesale loans; and $4.8 billion of loans associated with certain other consumer loan
securitization entities, primarily mortgage-related. Furthermore, $17.2 billion of net lending-related commitments associated with the conduits were eliminated upon consolidation. As a result of the consolidation of the credit card securitization trusts, reported and managed basis are
equivalent for periods beginning after January 1, 2010. For further discussion, see page 38 of this Financial Supplement.
Includes Retail Financial Services, Card Services and residential mortgage loans reported in the Corporate/Private Equity segment to be risk managed by the Chief Investment Office.
Purchased credit-impaired loans represent loans acquired in the Washington Mutual transaction for which a deterioration in credit quality occurred between the origination date and JPMorgan Chase's acquisition date. These loans were initially recorded at fair value and accrete interest
income over the estimated lives of the loans as long as cash flows are reasonably estimable, even if the underlying loans are contractually past due.
Represents the remaining balance of loans measured at fair value within the Washington Mutual Master Trust that were consolidated onto the Firm's balance sheet during the second quarter of 2009. No allowance for loan losses was recorded for these loans as of December 31, 2009,
September 30, 2009 and June 30, 2009.
Included loans for prime mortgage of $558 million, $450 million, $187 million, $589 million and $825 million at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively, and other (largely student loans) of $2.3 billion, $1.7 billion, $1.4 billion,
$1.4 billion and $2.8 billion at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively,
Primarily represents total wholesale loans, derivative receivables, wholesale lending-related commitments and receivables from customers.
Represents total consumer loans and excludes consumer lending-related commitments.
Note: The risk profile is based on JPMorgan Chase's internal risk ratings, which generally correspond to the following ratings as defined by Standard & Poor's / Moody's: Investment-Grade: AAA / Aaa to BBB- / Baa3; Noninvestment-Grade: BB+ / Ba1 and below.
N/A: Not Applicable.
Page 30

32. JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Mar 31
2010
NONPERFORMING ASSETS AND RATIOS
WHOLESALE LOANS
Loans retained
Loans held-for-sale and loans at fair value
TOTAL WHOLESALE LOANS
$
Dec 31
2009
5,895
331
6,226
$
Sep 30
2009
6,559
345
6,904
$
Jun 30
2009
7,494
146
7,640
$
March 31, 2010
Change
Dec 31
Mar 31
2009
2009
Mar 31
2009
5,829
133
5,962
$
3,605
57
3,662
(10) %
(4)
(10)
64
481
70
CONSUMER LOANS (a)
Home loan portfolio (includes RFS and Corporate/Private Equity):
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Total home loan portfolio
Auto loans
Credit card - reported
Other loans
TOTAL CONSUMER LOANS (b) (c)
1,427
4,579
3,331
348
9,685
174
3
962
10,824
1,665
4,355
3,248
312
9,580
177
3
900
10,660
1,598
4,007
3,233
244
9,082
179
3
863
10,127
1,487
3,501
2,773
182
7,943
154
4
722
8,823
1,591
2,712
2,545
97
6,945
165
4
625
7,739
(14)
5
3
12
1
(2)
7
2
(10)
69
31
259
39
5
(25)
54
40
TOTAL NONPERFORMING LOANS REPORTED
17,050
17,564
17,767
14,785
11,401
(3)
50
Derivative receivables
Assets acquired in loan satisfactions
TOTAL NONPERFORMING ASSETS (b)
363
1,606
19,019
529
1,648
19,741
624
1,971
20,362
704
2,028
17,517
1,010
2,243
14,654
(31)
(3)
(4)
(64)
(28)
30
(22)
1
7
(14)
4
(4)
%
8
25
(25)
93
(53)
56
104
30
$
TOTAL NONPERFORMING LOANS TO TOTAL
LOANS REPORTED (d)
NONPERFORMING ASSETS BY LOB
Investment Bank
Retail Financial Services (c)
Card Services
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity (e)
TOTAL
(a)
(b)
(c)
(d)
(e)
2.39
$
$
3,289
11,974
3
3,186
14
498
55
19,019
$
%
2.77
$
$
4,236
11,864
3
2,989
14
582
53
19,741
$
%
2.72
$
$
5,782
11,641
3
2,461
14
422
39
20,362
$
%
2.17
$
$
4,534
10,351
4
2,255
14
326
33
17,517
$
%
1.61
$
$
3,041
9,582
4
1,651
30
319
27
14,654
%
There were no nonperforming loans held-for-sale for any of the periods presented.
Nonperforming assets exclude: (1) mortgage loans insured by U.S. government agencies of $10.5 billion, $9.0 billion, $7.0 billion, $4.2 billion and $4.2 billion at March 31, 2010, December 31, 2009,
September 30, 2009, June 30, 2009 and March 31, 2009, respectively; (2) real estate owned insured by U.S. government agencies of $707 million, $579 million, $579 million, $508 million and $433
million at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively; and (3) student loans that are 90 days past due and still accruing, which are
insured by U.S. government agencies under the Federal Family Education Loan Program, of $660 million, $542 million, $511 million, $473 million and $433 million at March 31, 2010, December 31,
2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively. These amounts are excluded, as reimbursement 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. Under guidance issued by the Federal Financial Institutions Examination Council, 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.
Excludes home lending purchased credit-impaired loans that were acquired as part of the Washington Mutual transaction. These loans are accounted for on a pool basis, and the pools are considered to
be performing. Also excludes loans held-for-sale and loans at fair value.
Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the
Firm consolidated its Firm-sponsored credit card securitization trusts, its Firm-administered multi-seller conduits and certain other consumer loan securitization entities, primarily mortgage-related; overall,
$104.6 billion of related loans were recorded on-balance sheet. For further discussion, see page 38 of this Financial Supplement.
Predominantly relates to held-for-investment prime mortgage.
Page 31

33. JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q10 Change
1Q10
GROSS CHARGE-OFFS (a)
Wholesale loans
Consumer loans (includes RFS and
Corporate/Private Equity)
Credit card loans - reported
Total loans - reported
Credit card loans - securitized and unconsolidated
Total loans - managed
$
(a)
(b)
$
1,230
$
2Q09
1,093
$
1Q09
697
$
4Q09
206
1Q09
(18) %
392 %
(10)
103
31
NM
3
14
123
82
NM
36
2,634
2,894
6,621
1,810
8,431
2,718
2,883
6,298
1,776
8,074
2,244
2,189
4,639
1,579
6,218
26
35
18
15
112
267
116
370
541
N/A
541
74
183
283
116
399
13
200
248
112
360
67
194
279
112
391
68
160
243
115
358
57
102
91
NM
36
71
131
123
NM
51
959
$
2,825
2,405
6,460
1,733
8,193
55
NET CHARGE-OFF RATES (a)
Wholesale retained loans
Consumer retained loans
Total retained loans - reported
Consumer loans - managed
Total loans - managed
Consumer loans - managed excluding purchased
credit-impaired loans (b)
Total loans - managed excluding purchased
credit-impaired loans (b)
Memo: Average Retained Loans (a)
Wholesale loans - reported
Consumer loans - reported
Total loans - reported
Consumer loans - managed
Total loans - managed
1,014
3Q09
2,555
4,882
8,451
N/A
8,451
RECOVERIES (a)
Wholesale loans
Consumer loans (includes RFS and
Corporate/Private Equity)
Credit card loans - reported
Total loans - reported
Credit card loans - securitized and unconsolidated
Total loans - managed
NET CHARGE-OFFS (a)
Wholesale loans
Consumer loans (including RFS and Corporate/
Private Equity)
Credit card loans - reported
Total loans - reported
Credit card loans - securitized and unconsolidated
Total loans - managed
4Q09
1,204
1,058
679
191
(20)
402
2,439
4,512
7,910
N/A
7,910
2,751
2,222
6,177
1,617
7,794
2,621
2,694
6,373
1,698
8,071
2,651
2,689
6,019
1,664
7,683
2,176
2,029
4,396
1,464
5,860
(11)
103
28
NM
1
12
122
80
NM
35
1.84
5.56
4.46
5.56
4.46
$
%
2.31
4.60
3.85
5.08
4.29
$
%
1.93
4.79
3.84
5.29
4.30
$
%
1.19
4.69
3.52
5.20
4.00
$
%
0.32
3.61
2.51
4.12
2.98
6.61
6.29
6.18
4.90
5.03
$
6.05
4.84
4.85
4.51
%
3.36
211,599
506,949
718,548
506,949
718,548
$
206,846
428,964
635,810
514,416
721,262
$
217,952
440,376
658,328
526,393
744,345
$
229,105
456,292
685,397
540,709
769,814
$
238,689
471,918
710,607
557,537
796,226
Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm
consolidated its Firm-sponsored credit card securitization trusts, its Firm-administered multi-seller conduits and certain other consumer loan securitization entities, primarily mortgage-related; overall, $104.6 billion of
related loans were recorded on-balance sheet. As a result of the consolidation of the credit card securitization trusts, reported and managed basis are equivalent for periods beginning after January 1, 2010. For further
discussion, see page 38 of this Financial Supplement.
Excludes the impact of purchased credit-impaired loans that were acquired as part of the Washington Mutual transaction. These loans were accounted for at fair value on the acquisition date, which incorporated
management's estimate, as of that date, of credit losses over the remaining life of the portfolio. To date, no charge-offs have been recorded for these loans.
N/A: Not Applicable.
Page 32

34. JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q10 Change
1Q10
SUMMARY OF CHANGES IN THE ALLOWANCE FOR LOAN LOSSES
Beginning balance at January 1,
$
Cumulative effect of change in accounting principles (a)
Beginning balance at January 1, adjusted
$
Net charge-offs (a)
Provision for loan losses (a)
Other (b)
Ending balance
$
SUMMARY OF CHANGES IN THE ALLOWANCE FOR
LENDING-RELATED COMMITMENTS
Beginning balance at January 1,
Cumulative effect of change in accounting principles (a)
Beginning balance at January 1, adjusted
Provision for lending-related commitments
Ending balance
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Wholesale
Asset specific (a)
Formula - based
Total wholesale
Consumer
Asset specific (c)
Formula - based (a) (d) (e)
Purchased credit-impaired (e)
Total consumer
Total allowance for loan losses
Allowance for lending-related commitments
Total allowance for credit losses
$
$
$
$
$
REPORTED RATIOS
Wholesale allowance to total wholesale retained loans
Consumer allowance to total consumer retained loans
Allowance to total retained loans
Consumer allowance to retained nonperforming loans (f) (g)
Consumer allowance to retained nonperforming loans excluding
credit card
MANAGED RATIOS (a)
Consumer allowance to total consumer retained loans excl. purchased
credit-impaired loans and loans held by the WaMu Master Trust (h) (i)
Allowance to loans excluding purchased credit-impaired loans and
loans held by the Washington Mutual Master Trust (h) (i)
Allowance to total retained nonperforming loans excluding
purchased credit-impaired loans (f) (h) (j)
ALLOWANCE FOR LOAN LOSSES BY LOB
Investment Bank (a)
$
Retail Financial Services (a)
Card Services (a)
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity
Total
$
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
4Q09
31,602
7,494
39,096
7,910
6,991
9
38,186
$
$
$
939
(18)
921
19
940
$
$
$
1,557
4,385
5,942
$
1,010
28,423
2,811
32,244
38,186
940
39,126
2.83
6.49
5.40
298
$
%
3Q09
30,633
30,633
6,177
7,166
(20)
31,602
$
$
$
821
821
118
939
$
2,046
5,099
7,145
$
$
$
996
21,880
1,581
24,457
31,602
939
32,541
3.57
5.73
5.04
229
$
%
2Q09
29,072
29,072
6,373
8,029
(95)
30,633
$
$
$
746
746
75
821
$
2,410
5,631
8,041
$
$
$
1,009
20,493
1,090
22,592
30,633
821
31,454
3.76
5.22
4.74
223
$
%
1Q09
27,381
27,381
6,019
7,923
(213)
29,072
$
$
$
638
638
108
746
$
2,108
6,284
8,392
$
$
$
801
19,879
20,680
29,072
746
29,818
3.75
4.63
4.33
234
$
%
4Q09
23,164
23,164
4,396
8,617
(4)
27,381
1Q09
3 %
NM
28
28
(2)
NM
21
36 %
NM
69
80
(19)
NM
39
14
NM
12
(84)
-
42
NM
40
NM
47
1,213
6,691
7,904
(24)
(14)
(17)
28
(34)
(25)
546
18,931
19,477
27,381
638
28,019
1
30
78
32
21
20
85
50
NM
66
39
47
40
(31)
10
66
(1)
(35)
(3)
75
21
(44)
53
81
2
12
21
40
39
659
659
(21)
638
3.43
4.21
3.95
252
150
139
131
134
6.63
6.21
5.80
5.20
5.64
5.51
5.28
5.01
%
137
7.05
-
4.53
212
2,601
16,200
16,032
3,007
57
261
28
38,186
174
$
$
3,756
14,776
9,672
3,025
88
269
16
31,602
168
$
$
4,703
13,286
9,297
3,063
15
251
18
30,633
198
$
$
5,101
11,832
8,839
3,034
15
226
25
29,072
241
$
$
4,682
10,619
8,849
2,945
51
215
20
27,381
Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm consolidated its Firm-sponsored credit card securitization trusts, its Firmadministered multi-seller conduits and certain other consumer loan securitization entities, primarily mortgage-related. As a result $7.4 billion, $14 million and $127 million of allowance for loan losses were recorded on-balance sheet associated with the Firm-sponsored credit card
securitization trusts, Firm-administered multi-seller conduits, and certain other consumer loan securitization entities, primarily mortgage-related, respectively. As a result of the consolidation of the credit card securitization trusts, reported and managed basis are comparable for
periods beginning after January 1, 2010. For further discussion, see page 38 of this Financial Supplement.
Activity for the third and second quarters of 2009 predominantly included a reclassification related to the issuance and retention of securities from the Chase Issuance Trust.
The asset-specific consumer allowance for loan losses includes residential real estate troubled debt restructuring reserves of $754 million, $754 million, $756 million, $603 million and $380 million at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and
March 31, 2009, respectively. Prior period amounts have been reclassified from formula-based to conform with the current period presentation.
Includes all of the Firm’s allowance for loan losses on credit card loans, including those for which the Firm has modified the terms of the loans for borrowers who are experiencing financial difficulty.
Prior period amounts have been reclassified from formula-based to conform with the current period presentation.
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 Federal Financial Institutions Examination Council, 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.
Excluding consumer purchased credit-impaired loans and the related allowance, the consumer allowance to retained nonperforming loans ratios would have been 272%, 215%, 212%, 234% and 252% at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009
and March 31, 2009, respectively.
Excludes the impact of purchased credit-impaired loans that were acquired as part of the Washington Mutual transaction. These loans were accounted for at fair value on the acquisition date, which incorporated management's estimate, as of that date, of credit losses over the
remaining life of the portfolio. To date, no charge-offs have been recorded for these loans.
Excludes loans held by the Washington Mutual Master Trust, which were consolidated onto the Firm's balance sheet at fair value during the second quarter of 2009. No allowance for loan losses was recorded for these loans as of December 31, 2009, September 30, 2009, and June
30, 2009.
Excludes consumer purchased credit-impaired loans that were acquired as part of the Washington Mutual transaction. These loans are accounted for on a pool basis, and the pools are considered to be performing.
Page 33

35. JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions)
QUARTERLY TRENDS
1Q10 Change
1Q10
PROVISION FOR CREDIT LOSSES
LOANS
Investment Bank (a)
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity
Total wholesale
Retail Financial Services (a)
Card Services - reported (a)
Corporate/Private Equity
Total consumer
Total provision for loan losses
LENDING-RELATED COMMITMENTS
Investment Bank (a)
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity
Total wholesale
Retail Financial Services
Card Services - reported
Corporate/Private Equity
Total consumer
Total provision for lending-related commitments
TOTAL PROVISION FOR CREDIT LOSSES
Investment Bank (a)
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity
Total wholesale
Retail Financial Services (a)
Card Services - reported (a)
Corporate/Private Equity
Total consumer
Total provision for credit losses
Credit card loans - securitized and unconsolidated (a)
Managed provision for credit losses (a)
(a)
$
$
$
$
$
$
4Q09
(477)
204
(31)
31
16
(257)
3,735
3,512
1
7,248
6,991
$
15
10
(8)
4
21
(2)
(2)
19
$
(462)
214
(39)
35
16
(236)
3,733
3,512
1
7,246
7,010
$
N/A
7,010
$
$
$
3Q09
(265)
445
73
53
(2)
304
4,228
2,622
12
6,862
7,166
$
84
49
(20)
5
(1)
117
1
1
118
$
(181)
494
53
58
(3)
421
4,229
2,622
12
6,863
7,284
$
1,617
8,901
$
$
$
2Q09
330
326
1
37
(6)
688
4,004
3,269
68
7,341
8,029
$
49
29
12
1
91
(16)
(16)
75
$
379
355
13
38
(6)
779
3,988
3,269
68
7,325
8,104
$
1,698
9,802
$
$
$
1Q09
815
280
(20)
59
7
1,141
3,841
2,939
2
6,782
7,923
$
56
32
15
103
5
5
108
$
871
312
(5)
59
7
1,244
3,846
2,939
2
6,787
8,031
$
1,664
9,695
$
$
$
4Q09
1,274
263
(20)
34
1,551
3,877
3,189
7,066
8,617
1Q09
(80) %
(54)
NM
(42)
NM
NM
(12)
34
(92)
6
(2)
NM %
(22)
(55)
(9)
NM
NM
(4)
10
NM
3
(19)
(64)
30
14
(1)
(21)
(21)
(82)
(80)
60
(20)
NM
(82)
NM
NM
(84)
NM
(67)
NM
NM
NM
NM
NM
NM
1,210
293
(6)
33
1,530
3,877
3,189
7,066
8,596
(155)
(57)
NM
(40)
NM
NM
(12)
34
(92)
6
(4)
NM
(27)
NM
6
NM
NM
(4)
10
NM
3
(18)
NM
(21)
NM
(30)
1,464
10,060
Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm consolidated
its Firm-sponsored credit card securitization trusts, Firm-administered multi-seller conduits and certain other consumer loan securitization entities, primarily mortgage-related. As a result of the consolidation of the credit
card securitization trusts, reported and managed basis are comparable for periods beginning after January 1, 2010. For further discussion, see page 38 of this Financial Supplement.
N/A: Not Applicable.
Page 34

36. JPMORGAN CHASE & CO.
MARKET RISK-RELATED INFORMATION
(in millions)
QUARTERLY TRENDS
1Q10 Change
1Q10
AVERAGE IB TRADING VAR, CREDIT PORTFOLIO
VAR AND OTHER VAR - 95% CONFIDENCE LEVEL
IB VaR by risk type:
Fixed income
Foreign exchange
Equities
Commodities and other
Diversification benefit to IB trading VaR (a)
IB Trading VaR (b)
$
Credit portfolio VaR (c)
Diversification benefit to IB trading and credit
portfolio VaR (a)
Total IB trading and credit portfolio VaR
(a)
(b)
(c)
(d)
(e)
(f)
69
13
24
15
(49)
72
$
3Q09
121
14
21
17
(62)
111
$
2Q09
182
19
19
23
(97)
146
$
1Q09
179
16
50
22
(97)
170
$
4Q09
158
23
97
20
(108)
190
1Q09
(43) %
(7)
14
(12)
21
(35)
(56) %
(43)
(75)
(25)
55
(62)
19
29
68
86
(21)
(78)
(11)
124
(32)
143
(60)
178
(63)
213
18
(34)
86
(62)
25
70
(13)
82
$
24
(9)
82
Consumer Lending VaR (d)
Chief Investment Office (CIO) VaR (e)
Diversification benefit to total other VaR (a)
Total other VaR
Diversification benefit to total IB and other VaR (a)
Total IB and other VaR (f)
4Q09
29
78
(19)
88
49
99
(31)
117
43
111
(29)
125
108
121
(61)
168
(14)
(10)
32
(7)
(77)
(42)
79
(51)
(93)
288
1
(32)
29
(66)
(66)
98
$
(67)
145
$
(82)
178
$
(89)
214
$
Average VaRs were less than the sum of the VaRs of their market risk components, which is due to risk offsets resulting from portfolio diversification. The diversification effect reflected the fact that the risks were
not perfectly correlated. The risk of a portfolio of positions is therefore usually less than the sum of the risks of the positions themselves.
IB Trading VaR includes predominantly all trading activities in IB, as well as syndicated lending facilities that the Firm intends to distribute; however, particular risk parameters of certain products are not fully
captured, such as correlation risk. IB Trading VaR does not include the debit valuation adjustments ("DVA") taken on derivative and structured liabilities to reflect the credit quality of the Firm.
Credit Portfolio VaR includes the derivative credit valuation adjustments ("CVA"), hedges of the CVA and mark-to-market hedges of the retained loan portfolio, which are all reported in principal transactions
revenue. This VaR does not include the retained loan portfolio.
Consumer Lending VaR includes the Firm’s mortgage pipeline and warehouse, MSR and all related hedges.
Chief Investment Office (CIO) VaR includes positions, primarily in debt securities and credit products, used to manage structural risk and other risks, including interest rate, and credit risks arising from the Firm’s
ongoing business activities.
Total IB and other VaR excludes certain nontrading activity, such as Private Equity, principal investing (e.g., mezzanine financing, tax-oriented investments, etc.), balance sheet and capital management positions
and longer-term corporate investments managed by the CIO.
Page 35

37. JPMORGAN CHASE & CO.
CAPITAL, INTANGIBLE ASSETS AND DEPOSITS
(in millions, except ratio data)
Mar 31
2010
CAPITAL RATIOS (a)
Tier 1 capital
Total capital
Tier 1 common capital (b)
Risk-weighted assets
Adjusted average assets
Tier 1 capital ratio
Total capital ratio
Tier 1 common capital ratio (b)
Tier 1 leverage ratio
TANGIBLE COMMON EQUITY (PERIOD-END) (c)
Common stockholders' equity
Less: Goodwill
Less: Other intangible assets
Add: Deferred tax liabilities (d)
Total tangible common equity
TANGIBLE COMMON EQUITY (AVERAGE) (c)
Common stockholders' equity
Less: Goodwill
Less: Other intangible assets
Add: Deferred tax liabilities (d)
Total tangible common equity
INTANGIBLE ASSETS (PERIOD-END)
Goodwill
Mortgage servicing rights
Purchased credit card relationships
All other intangibles
Total intangibles
DEPOSITS (PERIOD-END)
U.S. offices:
Noninterest-bearing
Interest-bearing
Non-U.S. offices:
Noninterest-bearing
Interest-bearing
Total deposits
(a)
(b)
(c)
(d)
(e)
$
$
$
$
$
$
$
$
$
Dec 31
2009
131,402
(e) $
173,417
(e)
103,960
(e)
1,147,483
(e)
1,981,060
(e)
11.5 % (e)
15.1
(e)
9.1
(e)
6.6
(e)
156,569
48,359
4,383
2,544
106,371
$
156,094
48,542
4,307
2,541
105,786
$
48,359
15,531
1,153
3,230
68,273
$
210,982
436,914
$
10,062
267,345
925,303
$
$
$
$
Sep 30
2009
132,971
$
177,073
105,284
1,198,006
1,933,767
11.1 %
14.8
8.8
6.9
157,213
48,357
4,621
2,538
106,773
$
156,525
48,341
4,741
2,533
105,976
$
48,357
15,531
1,246
3,375
68,509
$
204,003
439,104
$
8,082
287,178
938,367
$
$
$
$
Jun 30
2009
126,541
$
171,804
101,420
1,237,760
1,940,689
10.2 %
13.9
8.2
6.5
154,101
48,334
4,862
2,527
103,432
$
149,468
48,328
4,984
2,531
98,687
$
48,334
13,663
1,342
3,520
66,859
$
195,561
415,122
$
9,390
247,904
867,977
$
$
$
$
Mar 31
2009
122,174
$
167,767
96,850
1,260,237
1,969,339
9.7 %
13.3
7.7
6.2
146,614
48,288
5,082
2,535
95,779
$
140,865
48,273
5,218
2,518
89,892
$
48,288
14,600
1,431
3,651
67,970
$
192,247
433,862
$
8,291
232,077
866,477
$
$
$
$
137,144
183,109
87,878
1,207,490
1,923,186
11.4 %
15.2
7.3
7.1
March 31, 2010
Change
Dec 31
Mar 31
2009
2009
(1) %
(2)
(1)
(4)
2
(4) %
(5)
18
(5)
3
138,201
48,201
5,349
2,502
87,153
(5)
-
13
(18)
2
22
136,493
48,071
5,443
2,609
85,588
(9)
-
14
1
(21)
(3)
24
48,201
10,634
1,528
3,821
64,184
(7)
(4)
-
46
(25)
(15)
6
197,027
463,913
3
-
7
(6)
7,073
238,956
906,969
24
(7)
(1)
42
12
2
The Federal Reserve granted the Firm, for a period of 18 months following the merger with Bear Stearns, relief up to a certain specified amount and subject to certain conditions, from the Federal Reserve's risk-based
capital and leverage requirements, with respect to the Bear Stearns' risk-weighted assets and other exposures acquired. The relief would have ended, by its terms, on September 30, 2009. Commencing in the second
quarter of 2009, the Firm no longer adjusted its risk-based capital ratios to take into account the relief in the calculation of its risk-based capital ratios as of June 30, 2009.
The Tier 1 common ratio is Tier 1 common capital divided by risk-weighted assets. 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 interest in subsidiaries and trust preferred capital debt securities. Tier 1 common capital, a non-GAAP financial measure, is used by banking regulators, investors and
analysts to assess and compare the quality and composition of the Firm’s capital with the capital of other financial services companies. The Firm uses Tier 1 common capital along with the other capital measures to
assess and monitor its capital position.
Tangible common equity ("TCE") represents 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. The Firm views TCE, a non-GAAP financial measure, as a meaningful measure of capital quality.
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.
Estimated.
Page 36

38. JPMORGAN CHASE & CO.
PER SHARE-RELATED INFORMATION
(in millions, except per share and ratio data)
QUARTERLY TRENDS
1Q10 Change
1Q10
EARNINGS PER SHARE DATA
Basic earnings per share:
Income before extraordinary gain
Extraordinary gain
Net income
Less: Preferred stock dividends
Less: Accelerated amortization from redemption of
preferred stock issued to the U.S. Treasury (a)
Net income applicable to common equity
Less: Dividends and undistributed earnings allocated to
participating securities
Net income applicable to common stockholders
$
$
COMMON SHARES OUTSTANDING
Common shares outstanding - at period end (d)
Cash dividends declared per share
Book value per share
Dividend payout
SHARE PRICE
High
Low
Close
Market capitalization
STOCK REPURCHASE PROGRAM
Common shares repurchased
(a)
(b)
(c)
(d)
$
190
2,974
$
$
$
$
$
2,974
$
$
$
$
164
2,952
$
$
$
2,952
$
$
185
3,240
$
$
$
3,240
$
$
64
1,072
4Q09
1 %
1
-
1,612
2
16
1
104
96
1
6
$
$
$
1,072
$
1,519
-
$
$
1
96
1
(14)
1
6
NM
6
0.40
0.40
-
85
85
6
7
3,975.4
0.05
$
39.38
7 %
3,942.0
0.05
$
39.88
7 %
3,938.7
0.05
$
39.12
6 %
3,924.1
0.05
$
37.36
14 %
3,757.7
0.05
36.78
15 %
1
(1)
46.05
37.03
44.75
177,897
47.47
40.04
41.67
164,261
46.50
31.59
43.82
172,596
38.94
25.29
34.11
133,852
31.64
14.96
26.58
99,881
(3)
(8)
7
8
-
$
-
$
-
$
-
88
88
3,755.7
3.0
3,758.7
3,811.5
12.6
3,824.1
$
96
93
1,519
0.40
0.40
0.28
0.28
55 %
55
(69)
3,755.7
$
$
$
1Q09
2,141
2,141
529
0.28
0.28
3,937.9
24.1
3,962.0
0.80
0.02
0.82
2,721
2,721
473
3,811.5
$
$
1Q09
1,112
1,136
0.80
0.02
0.82
3,946.1
28.0
3,974.1
0.74
0.74
3,512
76
3,588
163
3,937.9
$
$
2Q09
3,425
0.75
0.75
3,970.5
24.2
3,994.7
0.74
0.74
3,278
3,278
162
3,946.1
0.75
0.75
$
3Q09
3,116
3,970.5
Total weighted-average basic shares outstanding
Add: Employee stock options and SARs (b)
Total weighted-average diluted shares outstanding (c)
Income before extraordinary gain per share (a)
Extraordinary gain per share
Net income per share (a)
3,326
3,326
162
3,164
Total weighted-average basic shares outstanding
Income before extraordinary gain per share (a)
Extraordinary gain per share
Net income per share (a)
Diluted earnings per share:
Net income applicable to common stockholders
4Q09
$
-
-
46
148
68
78
-
The calculation of second quarter 2009 earnings per share includes a one-time non-cash reduction of $1.1 billion, or $0.27 per share, resulting from the redemption of Series K preferred stock issued to the U.S.
Treasury.
Excluded from the computation of diluted EPS (due to the antidilutive effect) were options issued under employee benefit plans and warrants originally issued under the U.S. Treasury’s Capital Purchase
Program to purchase shares of the Firm’s common stock totaling 239 million, 147 million, 241 million, 315 million, and 363 million, for the quarters ended March 31, 2010, December 31, 2009, September 30,
2009, June 30, 2009, and March 31, 2009, respectively.
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.
On June 5, 2009, the Firm issued $5.8 billion, or 163 million shares, of its common stock at $35.25 per share.
Page 37

39. 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 analyzes
the Firm’s results and the results of the lines of business on a managed basis, which
is a non-GAAP financial measure. For 2010 and 2009, the Firm’s definition of
managed basis starts with the reported U.S. GAAP results and includes certain
reclassifications to present total net revenue and net interest income for the Firm
(and each of the business segments) on a tax-equivalent basis. Accordingly,
revenue from tax-exempt securities and investments that receive tax credits is
presented in the managed results on a basis equivalent 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.
(c) 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 interest in subsidiaries and trust preferred capital debt securities. Tier
1 common capital, a non-GAAP financial measure, is used by banking regulators,
investors and analysts to assess and compare the quality and composition of the
Firm’s capital with the capital of other financial services companies. The Firm uses
Tier 1 common capital along with the other capital measures to assess and monitor
its capital position.
(d) TSS Firmwide revenue includes certain TSS product revenue and liability balances
reported in other lines of business, mainly CB, RFS and AM, related to customers
who are also customers of those lines of business.
(e) 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 TSS and AM against the performance of their respective
competitors.
(f)
Effective January 1, 2010, the Firm adopted new FASB guidance that required the
Firm to consolidate its Firm-sponsored credit card securitization trusts. The income,
expense and credit costs associated with these securitization activities are now
recorded in the 2010 Consolidated Statements of Income in the same classifications
as for credit card loans that were not securitized. As a result of the consolidation of
the securitization trusts, reported and managed basis are equivalent for periods
beginning after January 1, 2010. Prior to January 1, 2010, the Firm’s managed basis
presentation also included certain reclassification adjustments that assumed credit
card loans securitized by Card Services remained on the Consolidated Balance
Sheet. JPMorgan Chase previously used this concept of managed basis 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 Sheet and
securitized loans. Although securitizations result in the sale of credit card receivables
to a trust, JPMorgan Chase retained the ongoing customer relationships, as the
customers may continue to use their credit cards; accordingly, the customer’s credit
performance affects both the securitized loans and the loans retained on the
Consolidated Balance Sheet. JPMorgan Chase believed that this managed basis
information was useful to investors, as it enabled them to understand both the credit
risks associated with the loans reported on the Consolidated Balance Sheet and the
Firm’s retained interests in securitized loans.
(b) The allowance for loan losses to end-of-period loans excludes purchased creditimpaired 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 applicable to these
loans was $2.8 billion at March 31, 2010.
Retail Financial Services 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. The non-GAAP
ratio excludes Retail Banking's CDI amortization expense related to prior business
combination transactions.
(g) The calculation of the second quarter 2009 earnings per share and net income
applicable to common equity includes a one-time, noncash reduction of $1.1 billion,
or $0.27 per share, resulting from repayment of TARP preferred capital. Excluding
this reduction, the adjusted ROE and ROTCE for the second quarter of 2009 would
have been 6% and 10%, respectively. The Firm views the adjusted ROE and
ROTCE, both non-GAAP financial measures, as meaningful because they enable
the comparability to prior periods.
(h) Adjusted assets, a non-GAAP financial measure, equals total assets minus (1)
securities purchased under resale agreements and securities borrowed less
securities sold, not yet purchased; (2) assets of variable interest entities ("VIEs"); (3)
cash and securities segregated and on deposit for regulatory and other purposes; (4)
goodwill and intangibles; (5) securities received as collateral; and (6) investments
purchased under the Asset-Backed Commercial Paper Money Market Mutual Fund
Liquidity Facility. The amount of adjusted assets is presented to assist the reader in
comparing IB’s asset and capital levels to other investment banks in the securities
industry. Asset-to-equity leverage ratios are commonly used as one measure to
assess a company’s capital adequacy. IB believes an adjusted asset amount that
excludes the assets discussed above, which were considered to have a low risk
profile, provides a more meaningful measure of balance sheet leverage in the
securities industry.
Page 38

40. Glossary of Terms
ACH: Automated Clearing House.
Allowance for loan losses to total loans: Represents period-end allowance for loan
losses divided by retained loans.
Average managed assets: Refers to total assets on the Firm's Consolidated Balance
Sheets plus credit card receivables that have been securitized and removed from the
Firm's Consolidated Balance Sheets, for periods ended prior to the January 1, 2010
adoption of new FASB guidance requiring the consolidation of the Firm-sponsored credit
card securitization trusts.
Beneficial interest issued by consolidated VIEs: Represents the interest of thirdparty holders of debt/equity securities, or other obligations, issued by VIEs that
JPMorgan Chase consolidates. The underlying obligations of the VIEs consist of shortterm borrowings (including commercial paper) and long-term debt. The related assets
consist of trading assets, available-for-sale securities, loans and other assets.
Contractual credit card charge-off: In accordance with the Federal Financial
Institutions Examination Council policy, 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 a borrower), whichever
is earlier.
Corporate/Private Equity: Includes Private Equity, Treasury and Chief Investment
Office, and Corporate Other, which includes other centrally managed expense and
discontinued operations.
Credit card securitizations: For periods ended prior to the January 1, 2010 adoption
of new FASB guidance requiring the consolidation of the Firm-sponsored credit card
securitization trusts, Card Services' managed results exclude the impact of credit card
securitization on total net revenue, the provision for credit losses, net charge-offs and
loan receivables. Through securitization, the Firm transformed a portion of its credit card
receivables into securities, which were sold to investors. The credit card receivables
were removed from the Consolidated Balance Sheets through the transfer of the
receivables to a trust and through the sale of undivided interests to investors that entitle
the investors to specific cash flows generated from the credit card receivables. The Firm
retained the remaining undivided interests as seller’s interests, which were recorded in
loans on the Consolidated Balance Sheets. A gain or loss on the sale of credit card
receivables to investors is recorded in other income. Securitization also affected the
Firm’s Consolidated Statements of Income as the aggregate amount of interest income,
certain fee revenue and recoveries that is in excess of the aggregate amount of interest
paid to investors, gross credit losses and other trust expense related to the securitized
receivables, were reclassified into credit card income in the Consolidated Statements of
Income.
Investment-grade: An indication of credit quality based upon JPMorgan Chase's
internal risk assessment system. “Investment-grade” generally represents a risk profile
similar to a rating of a "BBB-"/"Baa3" or better, as defined by independent rating
agencies.
Managed basis: For further discussion, see page 38 of this Financial Supplement.
Managed credit card receivables: Refers to credit card receivables on the Firm's
Consolidated Balance Sheets plus credit card receivables that have been securitized
and removed from the Firm's Consolidated Balance Sheets, for periods ended prior to
the January 1, 2010 adoption of new FASB guidance requiring the consolidation of the
Firm-sponsored credit card securitization trusts.
Mark-to-market exposure: A measure, at a point in time, of the value of a derivative or
foreign exchange contract in the open market. When the mark-to-market value is
positive, it indicates the counterparty owes JPMorgan Chase and, therefore, creates a
repayment risk for the Firm. When the mark-to-market value is negative, JPMorgan
Chase owes the counterparty. In this situation, the Firm does not have repayment risk.
Merger costs: Reflects costs associated with the Washington Mutual and Bear Stearns
mergers in 2008.
MSR risk management revenue: Includes changes in MSR asset fair value due to
inputs or assumptions in model and derivative valuation adjustments.
Net charge-off ratio: 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.
FASB: Financial Accounting Standards Board.
Interests in purchased receivables: Represents an ownership interest in cash flows of
an underlying pool of receivables transferred by a third-party seller into a bankruptcyremote entity, generally a trust.
Page 39

41. JPMORGAN CHASE & CO.
Glossary of Terms
Participating securities: Represent unvested stock-based compensation awards
containing nonforfeitable rights to dividends or dividend equivalents (collectively,
"dividends"), which are included in the EPS 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.
Preprovision profit: 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: Realized and unrealized gains and losses from trading
activities (including physical commodities inventories that are accounted for at the
lower of cost or fair value) and changes in fair value associated with financial
instruments held by the Investment Bank for which the fair value option was
elected. Principal transactions revenue also includes private equity gains and
losses.
Retained loans: Loans that are held for investment excluding loans held-for-sale
and loans at fair value.
Taxable-equivalent basis: Total net revenue for each of the business segments
and the Firm is presented on a tax-equivalent basis. Accordingly, revenue from
tax-exempt securities and investments that receive tax credits is presented in the
managed results on a basis comparable to 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.
Unaudited: Financial statements and information that have not been subjected to
auditing procedures sufficient to permit an independent certified public accountant
to express an opinion.
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 moves in an ordinary market environment.
Reported basis: Financial statements prepared under accounting principles
generally accepted in the United States of America ("U.S. GAAP"), which excludes
the impact of taxable-equivalent adjustments. For periods ended prior to the
January 1, 2010 adoption of new FASB guidance requiring the consolidation of
the Firm-sponsored credit card securitization trusts, the reported basis included
the impact of credit card securitizations.
Page 40

42. JPMORGAN CHASE & CO.
Glossary of Terms
INVESTMENT BANKING (IB)
RFS (continued)
IB Revenue:
1. Investment banking fees include advisory, equity underwriting, bond underwriting
and loan syndication fees.
2. Fixed income markets include client and portfolio management revenue related
to both market-making and proprietary risk-taking across global fixed income
markets, including foreign exchange, interest rate, credit and commodities
markets.
3. Equities markets include client and portfolio management revenue related to
market-making and proprietary risk-taking across global equity products, including
cash instruments, derivatives and convertibles.
4. Credit portfolio revenue includes net interest income, fees and loan sale activity,
as well as gains or losses on securities received as part of a loan restructuring, for
the IB’s credit portfolio. Credit portfolio revenue also includes the results of risk
management related to the Firm's lending and derivative activities, and changes in
the credit valuation adjustment, which is the component of the fair value of a
derivative that reflects the credit quality of the counterparty.
Mortgage Origination Channels:
1. Retail – Borrowers who are buying or refinancing 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.
2. Wholesale – A third-party mortgage broker refers loan applications to a
mortgage banker at the Firm. Brokers are independent loan originators that
specialize in finding and counseling borrowers but do not provide funding for
loans. The Firm exited the broker channel during 2008.
3. Correspondent – Banks, thrifts, other mortgage banks and other financial
institutions that sell closed loans to the Firm.
4. Correspondent negotiated transactions ("CNT") – These transactions occur
when mid- to large-sized mortgage lenders, banks and bank-owned mortgage
companies sell servicing to the Firm on an as-originated basis, and exclude
purchased bulk servicing transactions. These transactions supplement
traditional production channels and provide growth opportunities in the servicing
portfolio in stable and rising-rate periods.
RETAIL FINANCIAL SERVICES (RFS)
CARD SERVICES (CS)
RFS Selected Business Metrics within Retail Banking:
1. 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.
2. Sales specialists – Retail branch office personnel who specialize in the marketing
of a single product, including mortgages, investments, and business banking, by
partnering with the personal bankers.
Components of Mortgage Fees and Related Income:
1. 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.
2. Net mortgage servicing revenue
a) Operating revenue comprises: all gross income earned from servicing thirdparty mortgage loans including stated service fees, excess service fees, late
fees and other ancillary fees; and modeled servicing portfolio runoff (or time
decay).
b) Risk management comprises: changes in MSR asset fair value due to marketbased 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 marketbased inputs to the MSR valuation model.
CS Selected Business Metrics:
1.
2.
3.
4.
5.
Sales volume – Dollar amount of cardmember purchases, net of returns.
Open accounts – Accounts on file with charging privileges.
Merchant acquiring business – A business that processes bank card
transactions for merchants.
Bank card volume – Dollar amount of transactions processed for merchants.
Total transactions – Number of transactions and authorizations processed for
merchants.
Page 41

43. JPMORGAN CHASE & CO.
Glossary of Terms
COMMERCIAL BANKING (CB)
TREASURY & SECURITIES SERVICES (TSS)
CB Client Segments:
1.
Middle Market Banking covers corporate, municipal, financial institution and not-forprofit clients, with annual revenue generally ranging between $10 million and $500
million.
2.
Mid-Corporate Banking covers clients with annual revenue generally ranging
between $500 million and $2 billion and focuses on clients that have broader
investment banking needs.
3.
Commercial Term Lending primarily provides term financing to real estate
investors/owners for multi-family properties as well as financing office, retail and
industrial properties.
4.
Real Estate Banking provides full-service banking to investors and developers of
institutional-grade real estate properties.
TSS firmwide metrics include certain TSS product revenue and liability balances reported
in other lines of business related to customers who are also customers of those other lines
of business. In order to capture the firmwide impact of TS and TSS products and revenue,
management reviews firmwide metrics such as liability balances, revenue and overhead
ratios in assessing financial performance for TSS. Firmwide metrics are necessary, in
management's view, in order to understand the aggregate TSS business.
TSS Selected Business Metrics:
1.
Liability balances include deposits and deposits that are swept to on-balance sheet
liabilities such as commercial paper, federal funds purchased and securities loaned or
sold under repurchase agreements.
ASSET MANAGEMENT (AM)
CB Revenue:
1.
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 and leases.
2.
Treasury services includes a broad range of products and services enabling clients
to transfer, invest and manage the receipt and disbursement of funds, while providing
the related information reporting. These products and services include U.S. dollar
and multi-currency clearing, ACH, lockbox, disbursement and reconciliation services,
check deposits, other check and currency-related services, trade finance and logistics
solutions, commercial card, and deposit products, sweeps and money market mutual
funds.
3.
Investment banking products provide clients with sophisticated capital-raising
alternatives, as well as balance sheet and risk management tools through loan
syndications, investment-grade debt, asset-backed securities, private placements,
high-yield bonds, equity underwriting, advisory, interest rate derivatives, foreign
exchange hedges and securities sales.
CB Selected Business Metrics:
1.
Liability balances include deposits and deposits that are swept to on-balance sheet
liabilities such as commercial paper, federal funds purchased and securities loaned or
sold under repurchase agreements.
2.
IB revenue, gross - Represents total revenue related to investment banking products
sold to CB clients.
Assets Under Management: Represent assets actively managed by Asset Management
on behalf of Institutional, Retail, Private Banking, Private Wealth Management and
JPMorgan Securities clients. Includes Committed Capital not Called, on which AM earns
fees. Excludes assets managed by American Century Companies, Inc., in which the Firm
has a 42% ownership interest at March 31, 2010.
Assets Under Supervision: Represents assets under management as well as custody,
brokerage, administration and deposit accounts.
Alternative Assets: The following types of assets constitute alternative investments –
hedge funds, currency, real estate and private equity.
AM Client Segments:
1.
Institutional brings comprehensive global investment services -- including asset
management, pension analytics, asset/liability management and active risk budgeting
strategies – to corporate and public institutions, endowments, foundations, not-forprofit organizations and governments worldwide.
2.
Retail provides worldwide investment management services and retirement planning
and administration through third-party and direct distribution of a full range of
investment vehicles.
3.
The Private Bank addresses every facet of wealth management for ultra-high-networth individuals and families worldwide, including investment management, capital
markets and risk management, tax and estate planning, banking, capital raising and
specialty-wealth advisory services.
4.
Private Wealth Management offers high-net-worth individuals, families and business
owners in the United States comprehensive wealth management solutions, including
investment management, capital markets and risk management, tax and estate
planning, banking, and specialty-wealth advisory services.
5.
JPMorgan Securities provides investment advice and wealth management services
to high-net-worth individuals, money managers, and small corporations.
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