JPM

JPMorgan Chase & Co JPM
1 6 9
Quote Analysis Insiders
21 Performance 23 Financials 26 Valuation / Estimates 28 Key Ratios 31 Ownership
Release date 10-02-2013
Page 1 of 36

Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol.
Morningstar Analyst Rating . Forward P/E P/B P/S P/CF
52.11
]0.15 | 0.29 %
51.32
51.29-52.45
38.83-56.93
2.93
196.08 bil
15 mil
19 mil
8.52
0.99
2.00
Stock Price 2013-01-01 - 2013-10-01

XNYS:JPM: 7.99|18.17% 60.00 40.00 20.00
Dividends Declared Date Ex-Dividend Date Latest Indicated Dividend Amount Projected Yield
Recent Dividends & Splits Type
09/17/2013 10/02/2013 0.38 2.93 %

Amount
2013
Morningstars Take Jamie Dimon, Morningstar's 2002 CEO of the Year, has a well-deserved reputation as one of the best bankers in the business. Indeed, J.P. Morgan Chase made it through the worst of the financial crisis in remarkably good shape, adding Washington Mutual's retail banking operations and Bear Stearns' investment bank to its already wide-ranging lines of business. In our view, much of J.P. Morgan Chase's outperformance was due to common-sense risk management. For example, the bank carried far more tangible capital than Citigroup in early 2008, providing a much larger buffer against subsequent losses. Such conservatism is still paying off--J.P. Morgan Chase's capital base and earnings power ensured that the bank survived a multi-billion-dollar derivative loss in early 2012. That said, the misstep is a reminder that even the best managers can mitigate, but not eliminate, risk at financial firms. Key Stats
Stock Ind Avg Relative to Industry
Fair Value Estimate Consider Buying Consider Selling Fair Value Uncertainty Economic Moat Stewardship Growth Profitability Morningstar Credit Rating
$ 53.00 $ 31.80 $ 82.15 High Narrow Exemplary C C Z
07/02/2013 04/03/2013 01/02/2013 10/03/2012

Purchase Options
Cash Dividends Cash Dividends Cash Dividends Cash Dividends
0.3800 0.3000 0.3000 0.3000
Direct Investment Dividend Reinvestment Plan Competitors

Name Price % Chg
Yes Yes
TTM Sales $ mil
Price/Earnings TTM Price/Book Price/Sales TTM Rev Growth (3 Yr Avg) Net Income Growth (3 Yr Avg) Operating Margin % TTM Net Margin % TTM ROA TTM ROE TTM Debt/Equity
8.6 1 2 -1.1 22 33.6 23.1 1 12 1.5
14.1 1.1 2.1 3.4 32.5 44 14.8 0.5 7.4 1.3

Avg +
JPMorgan Chase & Co Industrial And Commercial Bank Of China Ltd. ADR Wells Fargo & Co HSBC Holdings PLC ADR HSBC Holdings PLC China Construction Bank Corp ADR
$52.11 $14.10 $41.17 $54.41 $10.79 $15.51
0.29 ] 0.64 ] -0.77 [ -0.46 [ -0.46 [ -0.17 [
99,132 93,118 85,798 82,885 82,885 79,246
Wall St. Recommendations Current Total Analysts: 9 3.9

5.0 Buy 3.0 Hold 1.0 Sell
Ownership
Fund Owners Star Rating % Shares Held % Total Assets
Financials
Annual Income Statement 2012-12 2011-12 2010-12 2013-06 Quarterly 2012-06
Revenue Net Interest Income Net Income Earnings Per Share Shares Outstanding
Balance Sheet
97,031.00 44,910.00 21,284.00 5.20 3,822.20
97,234.00 47,689.00 18,976.00 4.48 3,920.30
102,694.00 51,001.00 17,370.00 3.96 3,977.00
25,211.00 10,704.00 6,496.00 1.60 3,814.30
22,180.00 11,146.00 4,960.00 1.21 3,820.50
Vanguard Total Stock Mkt Idx Vanguard 500 Index Inv QQQQ QQQQ Vanguard Institutional Index I QQQQ SPDR S&P 500 Vanguard Wellington Inv QQQQQ
1.43 0.97 0.95 0.97 0.67
1.12 1.40 1.40 1.29 1.86
Net Loans Total Assets Deposits Total Liabilities Stockholders' Equity
711,860.00 2,359,141.00 1,193,593.00 2,155,072.00 204,069.00
696,111.00 2,265,792.00 1,127,806.00 2,082,219.00 183,573.00
660,661.00 2,117,605.00 930,369.00 1,941,499.00 176,106.00
706,202.00 2,439,494.00 1,202,950.00 2,230,255.00 209,239.00
703,780.00 2,290,146.00 1,115,886.00 2,098,574.00 191,572.00
2013 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 2 of 36

Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol.
Morningstar Analyst Rating . Forward P/E P/B P/S P/CF
52.11
Cash Flow
]0.15 | 0.29 %
51.32
51.29-52.45
38.83-56.93
2.93
196.08 bil
15 mil
19 mil
8.52
0.99
2.00
Cash From Operations Cash From Investing Cash From Financing
25,079.00 -119,825.00 87,707.00
95,932.00 -170,752.00 107,706.00
-3,752.00 54,002.00 -49,217.00
68,520.00 -86,790.00 1,928.00
Page 3 of 36
JPMorgan Chase & Co JPM Quote

Industry Classification NAICS SIC ISIC Operation Details Fiscal Year Ends CIK Year Established Employees (12/31/2011) Full Time Part Time Auditor (12/31/2012) Legal Advisor () Key Executives 2013-12-31 19617 258,965 Commercial Banking (522110) Chartered Banks (7021);National Commercial Banks (6021) Other Monetary Intermediation (6419)
Stock Type Last Close 10/02/2013 Fair Value Estimate Morningstar Rating TM
Cyclical
52.11
53.00 Business Description
QQQ
JPMorgan Chase & Co is a financial services firm and banking institutions. its segments are Corporate & Investment Bank, Consumer & Community Banking, Commercial Banking and Asset Management. 30-day Avg Volume Market Cap Net Income Sales Sector Industry Stock Style Direct Investment Dividend Reinvestment 20.6Mil 195.6Bil 24.4Bil 99.1Bil Financial Services Banks - Global 1 Large Value Yes Yes
PricewaterhouseCoopers LLP James S. Dimon/Chairman of the Board, President and Chief Executive Officer; Daniel Pinto/Co-Chief Executive Officer of the Corporate and Investment Bank and Chief Executive Officer of Europe, the Middle East and Africa; Michael J. Cavanagh/Co-Chief Executive Officer of the Corporate and Investment Bank; Mary Callahan Erdoes/Chief Executive Officer of Asset Management; Gordon A. Smith/Chief Executive Officer of Consumer and Community Banking; Matthew E. Zames/Chief Operating Officer and Head of Mortgage Banking Capital Markets; Douglas B. Petno/Chief Executive Officer of Commercial Banking; John James Hogan/Chief Risk Officer; Stephen M. Cutler/General Counsel; James E. Staley/Chairman of the Board, Corporate and Investment Bank; John L Donnelly/Head of Human Resources; Shannon S. Warren/Co-Chief Control Officer; Marianne Lake/Executive Vice President and Chief Financial Officer; Mark W. O'donovan/Managing Director and Corporate Controller; Anthony J Horan/Corporate Secretary
Page 4 of 36

Industry Peers
Morningstar Rating Market Cap $Mil Net Income $Mil P/S P/B P/E Dividend Yield% 5 Yr Rev CAGR% Med Oper. Margin% Interest Coverage D/E Stock Type Last Close 10/02/2013 Fair Value Estimate Morningstar Rating TM
Cyclical
52.11
53.00
QQQ
JPMorgan Chase & Co Industrial And Commercial Bank Of China Ltd. Wells Fargo & Co HSBC Holdings PLC HSBC Holdings PLC China Construction Bank Corp Agricultural Bank of China Ltd. Bank of America Corporation Citigroup Inc Bank Of China Ltd. Bank Of China Ltd. Commonwealth Bank of Australia Westpac Banking Corp Royal Bank Of Canada Mitsubishi UFJ Financial Group, Inc. Mitsubishi UFJ Financial Group, Inc. Banco Santander SA Banco Santander SA Toronto-Dominion Bank UBS AG Australia and New Zealand Banking Group Limited Australia and New Zealand Banking Group Limited National Australia Bank Limited Bank of Nova Scotia Sumitomo Mitsui Financial Group Inc Sumitomo Mitsui Financial Group Inc Banco Bilbao Vizcaya Argentaria SA Bank Of Communications Co., Ltd. Barclays PLC Barclays PLC Credit Suisse Group Bank of Montreal Royal Bank of Scotland Group (The) PLC Canadian Imperial Bank of Commerce Malayan Banking Berhad ICICI Bank Ltd National Bank of Canada Julius Baer Gruppe AG EFG International EFG International Blom Bank S.A.L. National Bank of Greece National Bank of Greece CNB Corp Merchants & Marine Bancorp Inc Harris Exploration, Inc. Star Financial Group Inc T.W. Christian, Inc. Ledyard Financial Group, Inc. Mercersburg Financial Corp Kotak Mahindra Bank Ltd.
QQQ QQQ QQQ
195,587 244,929 220,302 202,690 200,984 194,208 150,314 149,329 147,793 129,803 127,961 108,708 95,532 93,007 91,455 90,181 89,827 89,503 81,987 79,853 79,785 79,566 76,409 69,250 66,590 66,385 63,095 57,479 56,038 55,973 49,844 43,155 36,835 32,004 25,656 18,066 13,493 2,065 2,031 2,007 1,741 500 493 73 50 1
24,425 253,719 20,717 15,873 15,873 206,607 156,947 6,567 9,654 148,670 148,670 7,677 6,307 8,124 1,141,494 1,141,494 2,711 2,711 6,533 -2,407 5,682 5,682 4,550 6,249 743,408 743,408 3,047 62,111 -518 -518 2,865 4,172 -3,016 3,410 6,033 96,495 1,494 249 142 142 339 -299 -299 1 4
2.0 2.7 2.6 2.4 2.4 2.5 2.1 1.8 2.0 2.1 2.1 5.0 5.5 3.5 2.3 2.2 1.3 1.3 3.6 2.5 4.9 4.9 3.0 3.4 2.2 2.2 1.7 2.2 1.2 1.2 1.5 2.8 2.0 2.6 4.7 2.3 2.7 0.9 2.2 2.2 2.4 0.2 0.2 2.0 2.0
1.0 1.3 1.5 1.2 1.2 1.2 1.2 0.7 0.8 0.9 0.9 2.6 2.3 2.3 0.8 0.7 0.9 0.9 1.8 1.5 2.0 2.0 1.8 1.8 1.0 1.0 1.0 0.9 0.7 0.7 1.1 1.6 0.3 2.1 1.8 16.1 1.9 0.4 1.7 1.7 0.8 0.0 0.0 0.8 0.9
8.7 6.0 11.2 11.5 11.4 5.8 5.9 23.0 14.7 5.6 5.5 15.6 15.9 11.9 7.5 7.4 18.5 18.4 12.8 15.3 15.2 18.2 11.0 7.5 7.5 14.0 5.5 120.5 119.0 13.9 10.6 9.7 13.3 11.1 9.7 7.3 12.5 12.3 5.2
2.5 4.6 2.6 4.3 3.5 4.7 4.5 0.3 0.1 6.1 5.2 5.2 5.7 3.8 2.0 2.2 7.4 2.8 3.5 0.8 5.4 5.4 5.8 4.1 2.2 1.2 3.8 4.3 2.3 2.0 0.3 4.3 4.6 6.0 2.1 4.0 1.1 0.8 0.7 5.2
6.3 16.0 16.9 -0.6 -0.6 16.0 18.7 4.5 -2.2 13.5 13.5 10.4 12.1 4.0 -0.6 -0.6 11.7 11.7 9.7 -8.8 8.8 8.8 2.6 9.8 -5.3 -5.3 4.9 18.8 1.9 1.9 -9.4 11.5 -9.2 0.8 6.0 9.2 -12.8 -2.1 -2.1 -8.7 -8.7
24.2 56.3 22.3 15.2 15.2 53.7 41.1 3.6 11.3 51.2 51.2 94.6 48.4 26.5 27.0 27.0 10.0 10.0 29.5 -6.9 90.8 90.8 38.5 38.5 38.5 21.4 47.7 12.8 12.8 13.2 28.6 -8.4 30.6 46.8 17.0 30.9 24.2 13.4 13.4 60.0 4.6 4.6 18.0 26.8
3.6 2.0 6.5 2.1 2.1 2.0 1.8 1.2 1.4 1.8 1.8 1.5 1.4 2.2 3.5 3.5 1.1 1.1 2.0 0.8 1.4 1.4 1.3 2.1 3.8 3.8 1.1 1.6 1.0 1.0 1.1 2.1 0.3 1.9 2.2 1.4 2.1 4.7 1.7 1.7 1.5 0.1 0.1 1.2 2.8
1.5 0.2 0.8
QQQ QQQ
0.3 0.3 1.2 1.2 0.2 0.2 0.1 3.2 0.2 0.9 0.9
QQQ QQ QQQ QQQ QQQ QQQ
0.2 2.1
QQQ
0.2 1.5 1.5 1.9 0.2 0.5 0.5 3.1 0.1 0.4 0.4 2.2 0.3 0.2
QQQ QQQ QQQ QQQ QQQ QQQ QQQQ
QQQ
0.3 0.3
52.9 12.4
-5
0.3
-0.0 2.8 1.6
-201427.4
23,724
11.1
25.7
1.4
2.3
Page 5 of 36

Industry Peers Greater Hudson Bank, Commonwealth Bank of Australia CapStone Bank (Raleigh, NC) Alior Bank S.A. Jyske Bank AS Bancorp Southern Indiana Housing Bank for Trade & Finance Industry Average 80,055
Stock Type Last Close 10/02/2013 Fair Value Estimate Morningstar Rating TM
Cyclical
52.11
53.00
QQQ
7,677
10.4
94.6
1.5
0.1
1,706 1.8 94 100,807 2.1 1.1 14.1 2.8
1.4
19.3 53.4
1.5 2.4 1.9 0.0 1.3
4.5
-4079.7
Page 6 of 36
JPMorgan Chase & Co JPM Analysis

legal developments and our stewardship rating.
Analyst Note | 19 Aug 2013 | Jim Sinegal, Director
Various news sources reported this weekend on regulatory issues at JPMorgan Chase JPM, including the company's August 7 disclosure that additional losses related to legal proceedings could exceed current reserves by up to $6.8 billion. We don't think any of the latest issues, including allegations of questionable Chinese hiring practices and securities law violations, will materially affect our fair value estimate. We note that each additional $1 billion in one-time payouts or nonrecurring litigation costs represents a roughly $0.25 per share loss of value to shareholders. However, we don't think JPMorgan Chase or its large global peers will be free of regulatory scrutiny and related costs for quite some time. The bank had briefly served as a counterexample to those who claimed that the global systemically important institutions were "too big to manage." Unfortunately, JPMorgan's tribulations, beginning with the "London Whale" trading losses and continuing into criminal investigations, now support the assertion. We expect higher compliance costs and consequently reduced profitability for the foreseeable future, and we don't discount the possibility that harsher measures may eventually be taken to rein in the activities of massive financial institutions. That fact, in combination with the current price of the shares relative to our $53 fair value estimate, limits our enthusiasm for the stock. Finally, we note that our exemplary stewardship rating reflects various factors, including the company's bargain acquisitions of Washington Mutual and Bear Stearns, the firm's judicious use of buybacks, and its relatively strong credit quality through the 2008-2010 downturn. In our view, management's doubling of tangible book value per share between December 31, 2007, and June 30, 2013, provides further support for the rating. We don't think the lapses in internal controls on their own are cause for a downgrade. That said, management has clearly made some major mistakes during this time, and we will continue to monitor
Investment Thesis | 06 Mar 2013 | Jim Sinegal, Director
Jamie Dimon, Morningstar's 2002 CEO of the Year, has a well-deserved reputation as one of the best bankers in the business. Indeed, J.P. Morgan Chase made it through the worst of the financial crisis in remarkably good shape, adding Washington Mutual's retail banking operations and Bear Stearns' investment bank to its already wide-ranging lines of business. In our view, much of J.P. Morgan Chase's outperformance was due to common-sense risk management. For example, the bank carried far more tangible capital than Citigroup C in early 2008, providing a much larger buffer against subsequent losses. Such conservatism is still paying off--J.P. Morgan Chase's capital base and earnings power ensured that the bank survived a multi-billion-dollar derivative loss in early 2012. That said, the misstep is a reminder that even the best managers can mitigate, but not eliminate, risk at financial firms. The bank's immense size endows the firm with certain advantages, but also subjects it to risks above and beyond those facing smaller regional banks. J.P. Morgan Chase's scale allows it to provide an impressive range of services to its customers and spread costs across an enormous base. For example, J.P. Morgan Chase's Treasury and securities services division has advantages over trust banks unable to also offer investment banking services to corporate clients. The company's stellar reputation and relatively unimpaired balance sheet also confer a valuable intangible asset upon the firm, helping it to win prime brokerage clients during the depths of the financial crisis. Together, these advantages result in a narrow economic moat. J.P. Morgan Chase's size makes it a continual target of regulators, but we think the firm is well positioned to deal with new rules since most of its major competitors are facing the same scrutiny. As a global systemically important financial institution, J.P. Morgan Chase will be required to carry more capital than smaller peers. We expect that most firms will attempt to meet the standards well ahead of
schedule, but given the speed at which J.P. Morgan is generating capital internally and the company's ability to adjust risk-weighted assets, we don't expect meeting the requirements will be a problem. It's possible that smaller banks with less onerous capital requirements may win some business, but such firms generally will not have the same capabilities as J.P. Morgan Chase and its global peers, most of which will be subject to the same stringent regulation. In fact, regulation could actually benefit the firm in several ways. As global capital requirements are increasingly standardized, J.P. Morgan Chase might face less competition from peers carrying far less equity. It's also possible that counterparty risk could be dramatically reduced over the next few years as more derivatives are centrally cleared. Pricing transparency is likely to increase trading volume but decrease the profitability of individual derivatives transactions, much as has happened with other financial products over the years. Already, nearly half of J.P. Morgan Chase's derivative activity is centrally cleared, limiting the risk of its large exposures. The company was also a leader in centralizing the management of credit risk in the past decade, while some competitors have taken this step only recently--more evidence, in our view, of the relatively simple principles that have resulted in the bank's outperformance during the past several years. Netting agreements and internal exposure limits also dramatically reduce the risk of default by a single counterparty. Banking is in many ways a cyclical business, however. To achieve its full earnings potential, J.P. Morgan Chase will need some help from the economy. The low level of interest rates is continuing to pressure margins with each passing quarter as assets reprice and also reducing the value of the company's low-cost deposit base. In addition, J.P. Morgan Chase is suffering from elevated costs related to the mortgage market, as it processes foreclosures and pays for its past misdeeds in court. Finally, the firm faces a massive balance sheet headwind as the United States reduces debt after many years of domestic credit expansion.
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Economic MoatTM | 06 Mar 2013
J.P. Morgan's immense scale and the resulting cost advantages, supported by a conservative culture, endow the firm with a narrow economic moat. The firm's scale enables it to spread operating expenses over a wider base than many of its competitors. We expect operating expenses to consume less than 60% of net revenue in the long run, helping the firm achieve returns on tangible equity exceeding our 12% assigned cost of equity.
Valuation | 06 Mar 2013
We are raising our fair value estimate to USD 53 per share from USD 48 per share as a result of the time value of money and a variety of updated assumptions as we incorporate the information released in the company's most recent annual report. Our fair value estimate represents 1.0 times reported book value as of Dec. 31, 1.4 times tangible book value per share as of the same date, and 9.7 times our 2013 earnings estimate. In our base-case scenario, we expect the net interest margin to average 2.3% over the next five years, slowly rising from 2.2% in 2013 to 2.5% by 2017. We expect noninterest income to increase from USD 52 billion in 2012 to just under USD 55 billion by 2017. On the expense front, we expect gradual improvement as litigation and foreclosed property expenses decline. We expect J.P. Morgan to achieve a 57% efficiency ratio by the end of our five-year forecast. We forecast net charge-offs to slowly fall to a long-run average of 1% of gross loans. We use a 12% cost of equity for the bank, reflecting its high level of financial leverage, the cyclicality of both its capital markets revenue and its total revenue after provisioning, and the modest level of operating leverage in financial services businesses.
Risk | 06 Mar 2013
ing, interchange fees, and overdraft fees, to name a few--have been curtailed since the financial crisis began. Centralized clearing could reduce the profitability of the bank's over-the-counter derivatives business. It's possible, though unlikely, that large, systemically important institutions eventually could be broken up. At the same time, revenue could suffer from the combined effects of a low, flat yield curve, minimal economic growth, and weak loan demand. Trading, investment banking, and asset management revenue also would suffer from extended economic weakness. Finally, the firm's massive exposures and its inherent leverage do not leave much room for bad trades.
Management | 06 Mar 2013
the entire company. Recent management changes may also be cause for concern. Furthermore, the size and complexity of the bank's operations make it difficult for even the best managers to keep tabs on all the risks developing within the organization.
Bulls Say
J.P. Morgan Chase achieved a reasonable level of profitability in recent years, despite a number of headwinds. Earnings could improve substantially from current levels once the firm is truly firing on all cylinders. J.P. Morgan Chase did a remarkable job limiting its losses during the financial crisis. Its performance under current leadership should give investors confidence in the firm's risk-management practices, despite the complexity of the business. J.P. Morgan appears inclined to aggressively buy back shares with excess capital--a potential source of considerable value creation depending on the stock price at the time of repurchases.
Bears Say
An investment in J.P. Morgan Chase entails a large amount of regulatory and macroeconomic risk. On the regulatory front, the firm is facing higher (and still uncertain) capital requirements, while several sources of revenue--proprietary trad-
J.P. Morgan Chase's management team, led by CEO Jamie Dimon, is clearly one of the company's greatest strengths. We continue to view the bank's risk-management and capital-allocation decisions as exemplary relative to peers. The bank avoided a large portion of the problems affecting its peers during the financial crisis, limiting its exposure to subprime loans and questionable mortgage-related securities. The company also remained relatively well capitalized, beginning in 2008 with over 50% more tangible common equity than Citigroup. The emphasis on capital and conservatism enabled J.P. Morgan to acquire the operations of Bear Stearns and Washington Mutual as the crisis deepened. We're also impressed by Dimon's tendency to underpromise and overdeliver--this undoubtedly has bolstered the firm's position in a business in which market confidence plays such a large role. Finally, we think Dimon is a skilled capital allocator. He recently stated that he would rather repurchase undervalued stock or reinvest in profitable lines of business than pay out dividends--evidence, in our view, that value creation is more important at this firm than the fickle demands of market participants. However, we caution that J.P. Morgan, like several of its large peers, was assembled through acquisition and has not existed for long in its current form. It's therefore possible that the conservative philosophy espoused by Dimon may not fully penetrate
As a systemically important firm, J.P. Morgan is likely to remain under the regulatory microscope for years to come. It's difficult to quantify potential exposures (let alone losses) created by the firm's derivatives activities, as evidenced by the "London Whale" trades. Future CEOs may not be as talented as Jamie Dimon, and few managers globally have proved capable of running such a large, complex financial institution.
Overview
J.P. Morgan Chase is one of the largest financial institutions in the United States, with more than USD 2 trillion in assets and operations in dozens of countries. The company is organized into six business segments: investment banking, commercial banking, Treasury and securities services, asset management, retail financial services, and credit card businesses. J.P. Morgan Chase is a major
Page 8 of 36

player in the derivatives markets.
Competitors
Name Price % Chg TTM Sales $ mil
JPMorgan Chase & Co Industrial And Commercial Bank Of China Ltd. ADR Wells Fargo & Co HSBC Holdings PLC ADR HSBC Holdings PLC China Construction Bank Corp ADR Analyst Price 10-02-2013 Fair Value Estimate Uncertainty Consider Buy Consider Sell Economic Moat Stewardship Rating Quantitative Price 10-02-2013 Quantitative Fair Value Quantitative Uncertainty Quantitative Moat As of 10/01/2013
$52.11 $14.10 $41.17 $54.41 $10.79 $15.51
0.29 ] 0.64 ] -0.77 [ -0.46 [ -0.46 [ -0.17 [
99,132 93,118 85,798 82,885 82,885 79,246
52.11 BASE 53.00 BASE High 31.80 BASE 82.15 BASE Narrow Exemplary
52.26 BASE 53.71 BASE Low Narrow
Page 9 of 36
JPMorgan Chase & Co JPM Insiders

Total Executive Compensation
137.85 mil 114.28 mil 84.67 mil 61.78 mil 51.00 102.00 77.61 mil 153.00
2012 Executive Compensation
Total Compensation 1-Year % Change

Compensation vs. Performance
$77,614,931 8.33 %[
1-Year % Change
2008
2009
2010
2011
2012
CEO Compensation Stock Return Revenue Return on Equity Net Income
-18.99% 35.7% -0.21% 5% 12.16%
Stock Price
60.00 30.00
2008
2009
2010
2011
2012
Total Return
25.0 0
2008
2009
2010
2011
2012
Revenue
0.00 -1.00
2008
2009
2010
2011
2012
Return of Equity
0.00 -1.00
2008
2009
2010
2011
2012
Net Income
0.00 -1.00
2008
2009
2010
2011
2012
Page 10 of 36

Key Executive Compensation
Key Executive Compensation 2008 2009 2010 2011 2012
Salary Bonus Annual Other Income Restricted Stock Award Securities Options LTIP Payout Non-Equity Compensation Other Compensation Total
James S. Dimon / Chairman of the Board and Chief Executive Officer
1,000,000 0 0 14,500,000 19,868,000 0 0 348,101 35,764,557

2008
1,300,000 3,035,000 0 3,200,000 3,883,000 0 0 265,708 11,775,715

2009
1,866,666 13,440,000 0 22,710,300 8,280,300 0 0 579,624 48,377,612

2010
2,866,667 12,100,000 0 24,660,000 10,042,300 0 0 143,277 51,536,159

2011
4,501,631 21,250,000 0 39,557,400 9,960,000 0 0 427,786 77,614,931

2012
Daniel Pinto / Co-Chief Executive Officer, Corporate & Investment Bank
1,000,000 0 0 14,500,000 19,868,000 0 0 348,101 35,764,557

2008
1,000,000 0 0 0 0 0 0 265,708 1,322,094

2009
1,000,000 5,000,000 0 7,952,400 6,244,300 0 0 579,624 20,816,289

2010
1,416,667 4,500,000 0 12,000,000 5,000,000 0 0 143,277 23,105,415

2011
1,500,000 0 0 12,000,000 5,000,000 0 0 170,020 18,717,013

2012
Mary Callahan Erdoes / Chief Executive Officer, Asset Management 2008 2009 2010 2011
751,631 8,125,000 0 7,145,400 730,000 0 0 257,766 17,009,797

2012
300,000 3,035,000 0 3,200,000 3,883,000 0 0 0 10,453,621
483,333 4,600,000 0 4,677,900 1,101,900 0 0 0 10,892,618
729,167 4,700,000 0 6,900,000 3,025,400 0 0 0 15,392,919
750,000 4,900,000 0 7,050,000 2,000,000 0 0 0 14,745,836
Page 11 of 36

Douglas Braunstein / Vice Chairman and Former Chief Financial Officer 2008 2009 2010 2011 2012
Matthew E. Zames / Co-Chief Operating Officer 2008 2009
383,333 3,840,000 0 10,080,000 934,100 0 0 0 16,668,705

2010
720,833 2,900,000 0 5,760,000 2,016,900 0 0 0 13,037,825

2011
750,000 2,125,000 0 4,350,000 1,500,000 0 0 0 10,537,984

2012
750,000 6,100,000 0 9,012,000 730,000 0 0 0 16,604,301
A publicly-traded company is only required to disclose information concerning the amount and type of compensation paid to its CEO, CFO, and the three other most highly compensated executive officers in a given year. Information about compensation for these individuals may be unavailable in prior years if they were not in their current roles or did not qualify as among the most highly compensated officers at the time.
Page 12 of 36

Weekly Insider Transactions
4 mil 2 mil 0 -2 mil Buy Acquisition (Non-open Mkt) Option Exercise Sell Disposition (Non-open Mkt)
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Stock Price
60.00 30.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Total Return
15.0 0
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Revenue
0.00 -1.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Return of Equity
0.00 -1.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Net Income
0.00 -1.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Page 13 of 36

Transaction History
Date * Name Title Transaction Shares Value
09/01/2013 08/08/2013 08/08/2013 08/08/2013 08/02/2013 08/02/2013 08/02/2013 08/01/2013 08/01/2013 08/01/2013 07/25/2013 07/25/2013 07/23/2013 07/23/2013 07/23/2013 07/23/2013 07/23/2013 07/23/2013 07/23/2013 07/23/2013 07/19/2013 07/17/2013 07/16/2013 07/16/2013 07/16/2013
Laban P. Jackson Mark W. O'Donovan Michael J. Cavanagh Michael J. Cavanagh Gordon A. Smith Gordon A. Smith Gordon A. Smith Mark W. O'Donovan Mark W. O'Donovan Mark W. O'Donovan Daniel Pinto Daniel Pinto Marianne Lake Marianne Lake Marianne Lake Marianne Lake Marianne Lake Marianne Lake Marianne Lake Matthew E. Zames Mary Callahan Erdoes John James Hogan Marianne Lake Marianne Lake Marianne Lake
Independent Director Other Acquisition Managing Director and Corporate Controller Sale at 54.91 per share. Co-Chief Executive Officer of the Corporate and Investment Bank Exercise Co-Chief Executive Officer of the Corporate and Investment Bank Disposition Chief Executive Officer of Consumer and Community Banking Exercise Chief Executive Officer of Consumer and Community Banking Chief Executive Officer of Consumer and Community Banking Managing Director and Corporate Controller Managing Director and Corporate Controller Managing Director and Corporate Controller Exercise Disposition Disposition Exercise Exercise
15,000 3,434 80,000 55,004 500,000 80,000 530,542 36,566 25,000 15,000 58,155 27,333 165,642 25,000 25,000 40,000 16,873 26,000 60,000 3,412 29,000 18,934 8,049 8,940 9,160
375,000 188,560 1,559,200 3,021,232 25,295,000 1,559,200 29,850,945 2,065,613 1,169,750 686,850 0 1,535,977 9,389,002 1,169,750 1,144,750 779,600 600,847 1,151,540 2,592,000 193,268 1,633,100 1,043,642 443,459 492,890 366,033
Co-Chief Executive Officer of the Corporate and Investment Bank Exercise and Chief Executive Officer of Europe, the Middle East and Africa Co-Chief Executive Officer of the Corporate and Investment Bank Disposition and Chief Executive Officer of Europe, the Middle East and Africa Executive Vice President and Chief Financial Officer Disposition Executive Vice President and Chief Financial Officer Exercise Executive Vice President and Chief Financial Officer Exercise Executive Vice President and Chief Financial Officer Executive Vice President and Chief Financial Officer Executive Vice President and Chief Financial Officer Executive Vice President and Chief Financial Officer Chief Operating Officer and Head of Mortgage Banking Capital Markets Chief Executive Officer of Asset Management Chief Risk Officer Executive Vice President and Chief Financial Officer Executive Vice President and Chief Financial Officer Executive Vice President and Chief Financial Officer Exercise Exercise Exercise Exercise Sale at 56.644 per share. Sale at 56.314 per share. Sale at 55.12 per share. Disposition Sale at 55.132 per share. Exercise
* Date represents the date on which the insider initiated the transaction
Page 14 of 36

Holding Summary
Name Title Total Shares Held TTM Change % Shares Outstanding % Market Value
All Key Insiders James S. Dimon Daniel Pinto Michael J. Cavanagh James S. Crown Mary Callahan Erdoes Gordon A. Smith Matthew E. Zames Lee R Raymond Douglas B. Petno John James Hogan Stephen B Burke Linda B. Bammann Stephen M. Cutler James E. Staley Crandall C. Bowles William C Weldon John L Donnelly Shannon S. Warren Marianne Lake Timothy Patrick Flynn James A. Bell Mark W. O'donovan Laban P. Jackson All Key Insiders
Chairman of the Board, President and Chief Executive Officer Co-Chief Executive Officer of the Corporate and Investment Bank and Chief Executive Officer of Europe, the Middle East and Africa Co-Chief Executive Officer of the Corporate and Investment Bank Independent Director Chief Executive Officer of Asset Management Chief Executive Officer of Consumer and Community Banking Chief Operating Officer and Head of Mortgage Banking Capital Markets Presiding Independent Director Chief Executive Officer of Commercial Banking Chief Risk Officer Independent Director Director General Counsel Chairman of the Board, Corporate and Investment Bank Independent Director Independent Director Head of Human Resources Co-Chief Control Officer Executive Vice President and Chief Financial Officer Independent Director Independent Director Managing Director and Corporate Controller Independent Director
4,533,050 1,928,064 347,998 287,771 259,977 246,735 235,147 190,289 181,578 124,572 103,082 102,395 98,486 92,509 74,886 57,517 57,452 44,584 44,087 29,016 15,690 8,669 2,547 0 4,533,050
-7.36% -32.73 0 4.73 3.95 60.98 38.97 0 6.39 -14.12 6.96 7.53 6.29 6.46 -78 14.56 12.83 -15.24 0 0 335.85 81.56 0 -100 -7.36%
0.11% 0.05% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0.11%
234,313,378 99,661,628 17,988,016 14,874,882 13,438,231 12,753,732 12,154,748 9,836,060 9,385,761 6,439,115 5,328,291 5,292,814 5,090,741 4,781,790 3,870,848 2,973,043 2,969,686 2,304,528 2,278,877 1,499,821 811,004 448,098 131,654 0 234,313,378
* Based on JPM Last Close Price: 51.69 10/01/2013 4:00:00 PM EST.
Page 15 of 36

Key Executive
James S. Dimon, 57
Mr. Dimon became Chairman of the Board on December 31, 2006, and has been Chief Executive Officer JPMorgan Chase's merger with Bank One Corporation in July 2004. At Bank One he had been Chairman and Chief Executive Officer since March 2000. Prior to joining Bank One, Mr. Dimon had extensive experience at Citigroup Inc., the Travelers Group, Commercial Credit Company and American Express Company. Mr. Dimon graduated from Tufts University in 1978 and received an MBA from Harvard Business School in 1982. He serves on the Board of Directors of Harvard Business School and Catalyst and is a member of The Business Council. He is also on the Board of Trustees of New York University School of Medicine. Mr. Dimon does not serve on the board of any publicly traded company other than JPMorgan Chase. Daniel E. Pinto, Co-Chief Executive Officer of the Corporate & Investment Bank since July 2012 and Chief Executive Officer of Europe, the Middle East and Africa since June 2011. He had been head or co-head of the Investment Bank Global Fixed Income business (now part of Corporate & Investment Bank) from November 2009 until July 2012. He was Global Head of Emerging Markets from 2006 until 2009, and was also responsible for the Global Credit Trading & Syndicate business from 2008 until 2009. Michael J. Cavanagh, Co-Chief Executive Officer of the Corporate & Investment Bank since July 2012. He had been Chief Executive Officer of Treasury & Securities Services (now part of Corporate & Investment Bank) from June 2010 until July 2012, prior to which he had been Chief Financial Officer. Mary Callahan Erdoes, Chief Executive Officer of Asset Management since September 2009, prior to which she had been Chief Executive Officer of Private Banking.
Chairman of the Board, President and Chief Executive Officer and President since December 31, 2005. He had been President and Chief Operating Officer since Since:2004
Daniel Pinto, 50
Co-Chief Executive Officer of the Corporate and Investment Bank and Chief Executive Officer of Europe, the Middle East and Africa Since:2011
Michael J. Cavanagh, 46
Co-Chief Executive Officer of the Corporate and Investment Bank Since:2004
Mary Callahan Erdoes, 45
Chief Executive Officer of Asset Management Since:2009
Gordon A. Smith, 54
Gordon A. Smith, Chief Executive Officer of Consumer & Community Banking since December 2012 prior to Card Services since 2007 and of the Auto Finance and Student Lending businesses since 2011. Prior to joining JPMorgan Chase, he was with American Express Company and was, from 2005 until 2007, president of American Express' Global Commercial Card business. Matthew E. Zames, Co-Chief Operating Officer since July 2012 and head of Mortgage Banking Capital
Chief Executive Officer of Consumer and Community Banking which he had been Co-Chief Executive Officer since July 2012. He had been Chief Executive Officer of Since:2007
Matthew E. Zames, 42
Chief Operating Officer and Head of Mortgage Banking CapitalMarkets since January 2012. He had been Chief Investment Officer from May until September 2012 and Markets Since:2012 was co-head of the Investment Bank Global Fixed Income business (now part of Corporate & Investment
Bank) from November 2009 until May 2012 and co-head of Mortgage Banking Capital Markets from July 2011 until January 2012, prior to which he had served in a number of senior Investment Banking Fixed Income management roles. Upon Mr. Bisignano's resignation, Matthew E. Zames became the sole Chief Operating Officer of the Firm.
Douglas B. Petno, 47
Chief Executive Officer of Commercial Banking Since:2010
Douglas B. Petno, Chief Executive Officer of Commercial Banking since January 2012. He had been Chief Operating Officer of Commercial Banking since October 2010, prior to which he had been Global Head of Natural Resources in the Investment Bank. John J. Hogan, Chief Risk Officer since January 2012. He had been Chief Risk Officer of the Investment Bank (now part of Corporate & Investment Bank) since 2006.
John James Hogan, 46
Chief Risk Officer Since:2006
Page 16 of 36

Key Executive
Stephen M. Cutler, 51
General Counsel Since:2007
Stephen M. Cutler, General Counsel since February 2007. Prior to joining JPMorgan Chase, he was a partner and co-chair of the Securities Department at the law firm of WilmerHale.
James E. Staley, 55
Chairman of the Board, Corporate and Investment Bank Since:2000
James E. Staley, Chief Executive Officer of the Investment Bank since September 2009, prior to which he had been Chief Executive Officer of Asset Management. JPMorgan Chase & Co., a Delaware corporation, has announced that James E. Staley, the Chairman of the Firm's Corporate & Investment Bank, will be leaving the Firm to join BlueMountain Capital Management as a Managing Partner and Member of its Management Committee. John L. Donnelly, Head of Human Resources since January 2009. Prior to joining JPMorgan Chase, he had been Global Head of Human Resources at Citigroup, Inc. since 2007 and Head of Human Resources and Corporate Affairs for Citi Markets and Banking business from 1998 until 2007. On September 20, 2011, JPMorgan Chase & Co. announced that Shannon S. Warren has been appointed as Corporate Controller (Principal Accounting Officer). Ms. Warren served as the Firm's Deputy Controller since 2009. Prior to serving as Deputy Controller, Ms. Warren served as Director of Corporate Accounting Policy and Advisory since 2005. Ms. Warren joined JPMorgan Chase in 2000. On November 29, 2012, JPMorgan Chase & Co. announced that Shannon S. Warren, formerly Corporate Controller (Principal Accounting Officer) of the Firm, has been appointed as co-Chief Control Officer of the Firm. Marianne Lake, Chief Financial Officer since January 1, 2013. She had been Chief Financial Officer of the Consumer & Community Banking business and prior to the organization of CCB served since 2009 as Chief Financial Officer for the consumer business unit now part of CCB. She previously had served as Global Controller of the Investment Bank from 2007 to 2009, prior to which she had served in a number of senior financial officer roles. On November 29, 2012, JPMorgan Chase & Co. announced that Mark W. O'Donovan has been appointed as Corporate Controller (Principal Accounting Officer). Mr. O'Donovan served as the Global Controller for the Investment Bank since 2010, was the Global Controller for Treasury & Securities Services from 2007 to 2010 and the head of Corporate Regulatory Reporting from 2004 to 2007. Mr. O'Donovan, 42, joined JPMorgan Chase in 1996.
John L Donnelly, 56
Head of Human Resources Since:2009
Shannon S. Warren, 41
Co-Chief Control Officer Since:2005
Marianne Lake, 43
Executive Vice President and Chief Financial Officer Since:2009
Mark W. O'donovan, 42
Managing Director and Corporate Controller Since:2007
Anthony J Horan,
Corporate Secretary Since:2009
Board of Directors
James S. Dimon, 57
Mr. Dimon became Chairman of the Board on December 31, 2006, and has been Chief Executive Officer JPMorgan Chase's merger with Bank One Corporation in July 2004. At Bank One he had been Chairman and Chief Executive Officer since March 2000. Prior to joining Bank One, Mr. Dimon had extensive experience at Citigroup Inc., the Travelers Group, Commercial Credit Company and American Express Company. Mr. Dimon graduated from Tufts University in 1978 and received an MBA from Harvard Business
Chairman of the Board, President and Chief Executive Officer and President since December 31, 2005. He had been President and Chief Operating Officer since Since:2004
Page 17 of 36

School in 1982. He serves on the Board of Directors of Harvard Business School and Catalyst and is a member of The Business Council. He is also on the Board of Trustees of New York University School of Medicine. Mr. Dimon does not serve on the board of any publicly traded company other than JPMorgan Chase.
James S. Crown, 59
Independent Director Since:2004
Mr. Crown joined Henry Crown and Company, a privately owned investment company which invests in public and private securities, real estate and operating companies, in 1985 as Vice President and became President in 2002. Mr. Crown is a director of General Dynamics Corporation (since 1987). He is also a director of JPMorgan Chase Bank, N.A., a wholly-owned subsidiary of the Firm (since 2010). He previously served as a director of Sara Lee Corporation (1998-2012). Mr. Crown graduated from Hampshire College in 1976 and received his law degree from Stanford University Law School in 1980. Following law school, Mr. Crown joined Salomon Brothers Inc. and became a vice president of the Capital Markets Service Group in 1983. In 1985 he joined his family's investment firm. He is a Trustee of the University of Chicago Medical Center, the Museum of Science and Industry, The Aspen Institute, the University of Chicago, and the Chicago Symphony Orchestra. He is a member of the American Academy of Arts and Sciences. Mr. Raymond was Chairman of the Board and Chief Executive Officer of ExxonMobil from 1999 until he retired in December 2005. ExxonMobil's principal business is energy, involving exploration for and production of crude oil and natural gas, manufacture of petroleum and petrochemical products, and transportation and sale of crude oil, natural gas, petroleum and petrochemical products. He had been Chairman of the Board and Chief Executive Officer of Exxon Corporation from 1993 until its merger with Mobil Oil Corporation in 1999, having begun his career in 1963 with Exxon. He was a director of Exxon Mobil Corporation (1984-2005). Mr. Raymond graduated from the University of Wisconsin in 1960 and received a Ph.D. from the University of Minnesota in Chemical Engineering in 1963. He is a director of the Business Council for International Understanding, a Trustee of the Wisconsin Alumni Research Foundation, a Trustee of the Mayo Clinic, a member of the Innovations in Medicine Leadership Council of UT Southwestern Medical Center, a member of the National Academy of Engineering and a member and past Chairman of the National Petroleum Council. Mr. Burke has been Chief Executive Officer of NBCUniversal, LLC and Executive Vice President of Comcast Corporation since January 2011. He had been Chief Operating Officer of Comcast Corporation, one of the nation's leading providers of entertainment, information and communication products and services, from 2004 until 2011, and was President of Comcast Cable Communications, Inc. from 1998 until January 2010. Before joining Comcast, he served with The Walt Disney Company as President of ABC Broadcasting. Mr. Burke joined The Walt Disney Company in January 1986, where he helped to develop and found The Disney Store and helped to lead a comprehensive restructuring effort of Euro Disney S.A. Mr. Burke is a director of Berkshire Hathaway Inc. (since 2009). Mr. Burke graduated from Colgate University in 1980 and received an MBA from Harvard Business School in 1982. He is Chairman of The Children's Hospital of Philadelphia. JPMorgan Chase & Co. elected Linda B. Bammann as a director, effective September 16, 2013. Ms. Bammann was Deputy Head of Risk Management at JPMorgan Chase from July 2004 until her retirement in 2005, prior to which she had been Chief Risk Management Officer at Bank One Corporation since 2001. Ms. Bammann served as a Director of The Federal Home Loan Mortgage Corporation (Freddie Mac) from late 2008 until July 2013, where she served as the Chair of its Business and Risk Committee. She also served as a Director of Manulife Financial Corporation from 2009 until May 2012.
Lee R Raymond, 74
Presiding Independent Director Since:2001
Stephen B Burke, 54
Linda B. Bammann,
Director Since:2013
Page 18 of 36

Crandall C. Bowles, 65
Ms. Bowles has been Chairman of Springs Industries, Inc., a manufacturer of window products for the home, since 1998 and a member of its board since 1978. From 1998 until 2006, she was also Chief Executive Officer of Springs Industries, Inc. Subsequent to a spinoff and merger in 2006, she was CoChairman and Co-CEO of Springs Global Participacoes S.A., a textile home furnishings company based in Brazil, until July 2007. Ms. Bowles is a director of Deere & Company (since 1999 and previously from 1990 to 1994). She previously served as a director of Sara Lee Corporation (2008-2012) and of Wachovia Corporation (1991-1996). Ms. Bowles graduated from Wellesley College in 1969 and earned an MBA from Columbia University in 1973. She is a trustee of the Brookings Institution and is on the governing boards of the Packard Center at Johns Hopkins and The Wilderness Society. Mr. Weldon was Chairman and Chief Executive Officer of Johnson & Johnson from 2002. He retired as Chief Executive Officer in April 2012 and as Chairman in December 2012. He served as Vice Chairman from 2001 and Worldwide Chairman, Pharmaceuticals Group from 1998 until 2001. Johnson & Johnson is engaged worldwide in the research and development, manufacture and sale of a broad range of products in the health care field. The company conducts business in virtually all countries of the world with the primary focus on products related to human health and well-being. Mr. Weldon is a director of CVS Caremark Corporation (since March 29, 2013). Mr. Weldon served in a number of other senior executive positions since joining Johnson & Johnson in 1971. In 1982 he was named manager, ICOM Regional Development Center in Southeast Asia. Mr. Weldon was appointed executive vice president and managing director of Korea McNeil, Ltd., in 1984 and managing director of Ortho-Cilag Pharmaceutical, Ltd., in the U.K. in 1986. In 1989, he was named vice president of sales and marketing at Janssen Pharmaceutica in the U.S., and in 1992 he was appointed president of Ethicon Endo-Surgery. Mr. Weldon was a director of Johnson & Johnson (2002 until December 2012). Mr. Weldon graduated from Quinnipiac University in 1971. Mr. Weldon is a member of the CEO Roundtable on Cancer, a director of the US-China Business Council, a member of the Healthcare Leadership Council, and a member of the Sullivan Commission on Diversity in the Health Professions Workforce. Mr. Weldon also serves on the Liberty Science Center Chairman's Advisory Council and as a member of the Board of Trustees for Quinnipiac University. He previously served as Chairman of the Pharmaceutical Research and Manufacturers of America. Mr. Flynn was Chairman of KPMG International from 2007 until his retirement in October 2011. KPMG International is a professional services organization which provides audit, tax and advisory services in 152 countries. He was also Chairman (2005-2010) and Chief Executive Officer (2005-2008) of KPMG LLP, the U.S. and largest individual member firm of KPMG International. Mr. Flynn is a director of Wal-Mart Stores, Inc. (since 2012). Mr. Flynn held a number of key leadership positions throughout his 32 years at KMPG, providing him with perspective on the issues facing major companies and the evolving business environment. Additionally, he has extensive experience in financial services and risk management. Prior to serving as Chairman and Chief Executive Officer, Mr. Flynn served, among other positions, as Vice Chairman, Audit and Risk Advisory Services, with operating responsibility for the audit practice, as well as the Risk Advisory and Financial Advisory Services practices. Mr. Flynn holds a bachelors degree in accounting from The University of St. Thomas, St. Paul, Minnesota and is a member of their Board of Trustees. He has previously served as a trustee of the Financial Accounting Standards Board, a member of the World Economic Forum's International Business Counsel, and a founding member of The Prince of Wales' International Integrated Reporting Committee.
William C Weldon, 64
Timothy Patrick Flynn, 56
Page 19 of 36

James A. Bell, 64
Mr. Bell was an Executive Vice President of The Boeing Company, the world's largest aerospace company, from 2003 until his retirement in April 2012. He had been Corporate President from June 2008 until February 2012 and was Chief Financial Officer from November 2003 until February 2012. While Chief Financial Officer, he oversaw two key Boeing businesses, Boeing Capital Corporation, the company's customer-financing subsidiary, and Boeing Shared Services, an 8,000-person, multi-billion dollar business unit that provides common internal services across Boeing's global enterprise. He is a director of Dow Chemical Company (since 2005). Prior to being named Chief Financial Officer in 2003, Mr. Bell held the position of Senior Vice President of Finance and Corporate Controller from 2000 and was Vice President of contracts and pricing for Boeing Space and Communications from 1996 to 2000. Before becoming Vice President at the operating group level in 1996, Mr. Bell served as director of business management of the Space Station Electric Power System at the Boeing Rocketdyne unit. Mr. Bell began his career with Rockwell in 1972. Mr. Bell graduated California State University at Los Angeles with a degree in accounting. He is a member of the board of directors of the Chicago Urban League and the Chicago Economic Club. Mr. Jackson has been Chairman of Clear Creek Properties, Inc., a real estate development company, since 1989. He is a director of J.P. Morgan Securities plc and of JPMorgan Chase Bank, N.A., wholly-owned subsidiaries of the Firm (since 2010). He previously served as director of The Home Depot (2004-2008). Mr. Jackson graduated from the United States Military Academy in 1965. He was a director of the Federal Reserve Bank of Cleveland (1987-1992). Mr. Jackson is also a director of Markey Cancer Foundation. Mr. Jackson is a member of the Audit Committee Leadership Network (ACLN), a group of audit committee chairs from some of North America's leading companies, committed to improving the performance of audit committees and helping to enhance trust in the financial markets.
Laban P. Jackson, 70
Page 20 of 36

Audit Committee
Name Title
Laban P. Jackson Crandall C. Bowles James A. Bell
Independent Director, Chairman Of Audit Committee Independent Director, Chairman Of Public Responsibilities Committee And Member Of Audit Committee Independent Director And Member Of Audit Committee
Compensation And Management Development Committee

Name Title
Lee R Raymond Stephen B Burke William C Weldon
Presiding Independent Director, Chairman Of Compensation And Management Development Committee And Member Of Corporate Governance And Nominating Committee Independent Director, Member Of Compensation And Management Development Committee And Member Of Corporate Governance And Nominating Committee Independent Director, Chairman Of Corporate Governance And Nominating Committee And Member Of Compensation And Management Development Committee
Corporate Governance And Nominating Committee

Name Title
William C Weldon Lee R Raymond Stephen B Burke
Independent Director, Chairman Of Corporate Governance And Nominating Committee And Member Of Compensation And Management Development Committee Presiding Independent Director, Chairman Of Compensation And Management Development Committee And Member Of Corporate Governance And Nominating Committee Independent Director, Member Of Compensation And Management Development Committee And Member Of Corporate Governance And Nominating Committee
Public Responsibilities Committee

Name Title
Crandall C. Bowles
Independent Director, Chairman Of Public Responsibilities Committee And Member Of Audit Committee
Risk Policy Committee

Name Title
James S. Crown Timothy Patrick Flynn
Independent Director, Chairman Of Risk Policy Committee Independent Director And Member Of Risk Policy Committee
Page 21 of 36
JPMorgan Chase & Co JPM Performance

Growth of 10,000 09-30-2013
35k 20k 15k 10k JPM Banks - Global
1-Month Range
52-Week Range
5-Year Range
% Below 52-Week High
% Below 5-Year High
50.06-53.93
38.83-56.93
14.96-56.93
8.47
8.47
5k
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
YTD
History
58.71 49.47 9.24 3.70 74,939
9.91 13.42 -3.51 3.49 138,972
5.23 7.39 -2.16 3.43 138,878
25.12 21.54 3.58 2.82 167,551
-6.65 -19.93 13.29 3.30 146,622
-24.28 -53.80 29.51 4.82 117,681
33.84 11.91 21.93 1.27 164,261
2.28 1.09 1.19 0.47 165,875
-19.73 -26.83 7.10 2.41 125,442
35.70 36.56 -0.86 2.62 167,256
19.79 16.41 3.38 194,571
JPM Banks - Global +/- Banks - Global Dividend Yield % Market Cap USD Mil
Trailing Total Returns (Daily)

40.00 30.00 20.00 10.00 0.00 JPM Banks - Global S&P 500 TR USD
1-Day
1-week
1-Month
3-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
Total Ret % 2013-10-01
0.52 0.73 0.81 -0.21 -0.28
3.26 0.13 -0.10 3.13 3.36
2.83 5.11 3.97 -2.28 -1.14
-0.29 8.39 5.51 -8.67 -5.80
20.40 16.41 20.76 3.99 -0.36
29.95 35.11 19.98 -5.17 9.97
12.28 6.82 16.41 5.47 -4.12
2.44 -4.82 10.29 7.27 -7.85
5.94 -1.80 7.41 7.74 -1.47
6.44 3.95 5.60 2.50 0.84
JPM Banks - Global S&P 500 TR USD +/- Banks - Global) +/- S&P 500 TR USD
Trailing Total Returns (Month-End)

1-Month
3-Month
6-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
Total Ret % 2013-09-30
2.30 5.11 3.14 -2.81 -0.84
-1.36 8.39 5.24 -9.75 -6.61
10.35 11.61 8.31 -1.27 2.04
19.79 16.41 19.79 3.38 -0.01
30.85 35.11 19.34 -4.26 11.51
12.83 6.82 16.27 6.01 -3.43
3.60 -4.82 10.02 8.42 -6.42
6.21 -1.80 7.57 8.01 -1.35
6.01 3.95 5.33 2.06 0.68
Page 22 of 36
JPMorgan Chase & Co JPM Performance

Trailing Total Returns (Quarter-End)
1-Month Range
52-Week Range
5-Year Range
% Below 52-Week High
% Below 5-Year High
50.06-53.93
38.83-56.93
14.96-56.93
8.47
8.47
1-Month
3-Month
6-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
Total Ret % 2013-09-30
2.30 5.11 3.14 -2.81 -0.84
-1.36 8.39 5.24 -9.75 -6.61
10.35 11.61 8.31 -1.27 2.04
19.79 16.41 19.79 3.38 -0.01
30.85 35.11 19.34 -4.26 11.51
12.83 6.82 16.27 6.01 -3.43
3.60 -4.82 10.02 8.42 -6.42
6.21 -1.80 7.57 8.01 -1.35
6.01 3.95 5.33 2.06 0.68
Historical Prices 5-Day

Date Open High Low Close Volume
Split History
Date Ratio
2013-10-01 2013-09-30 2013-09-27 2013-09-26 2013-09-25 Five Year Dividend History

Annual Dividends
51.64 51.73 51.50 51.93 50.22
52.09 52.09 52.40 52.56 51.90
51.45 51.44 51.39 51.54 50.06
51.96 51.69 52.24 51.89 51.70
19.19 Mil 21.35 Mil 23.03 Mil 22.31 Mil 39.18 Mil
2000-06-12 1998-06-15 1984-04-16 1982-04-16 Upcoming Dividends Ex-Dividend Date Declaration Date Record Date Payable Date $ Amount
Dividends in unless otherwise noted
3:2 2:1 3:2 3:2
12-2008
12-2009
12-2010
12-2011
12-2012
Dividend Amount Year-end Yield %
1.52 4.82
0.53 1.27
0.20 0.47
0.80 2.41
1.15 2.62
*Dividend Amount is calculated using the ex-dividend date
2013-10-02 2013-09-17 2013-10-04 2013-10-31 USD 0.38
Dividend History
Ex-Dividend Date
Declaration Date
Record Date
Payable Date
$ Amount
2013
2012
2011
2010
2009
2008
2013-07-02 2013-04-03 2013-01-02 2012-10-03 2012-07-03 2012-04-03 2012-01-04 2011-10-04 2011-07-01 2011-04-04 2011-01-04 2010-10-04 2010-07-01 2010-04-01 2010-01-04 2009-10-02 2009-07-01 2009-04-02 2009-01-02 2008-10-02
2013-03-15 2013-03-19 2012-12-11 2012-09-19 2012-05-16 2012-03-14 2011-12-14 2011-09-21 2011-05-18 2011-03-19 2010-12-15 2010-09-22 2010-05-19 2010-03-17 2009-12-09 2009-09-16 2009-05-20 2009-02-24 2008-12-10 2008-09-17
2013-07-05 2013-04-05 2013-01-04 2012-10-05 2012-07-06 2012-04-05 2012-01-06 2011-10-06 2011-07-06 2011-04-06 2011-01-06 2010-10-06 2010-07-06 2010-04-06 2010-01-06 2009-10-06 2009-07-06 2009-04-06 2009-01-06 2008-10-06
2013-07-31 2013-04-30 2013-01-31 2012-10-31 2012-07-31 2012-04-30 2012-01-31 2011-10-31 2011-07-31 2011-04-30 2011-01-31 2010-10-31 2010-07-31 2010-04-30 2010-01-31 2009-10-31 2009-07-31 2009-04-30 2009-01-31 2008-10-31
USD 0.38 USD 0.30 USD 0.30 USD 0.30 USD 0.30 USD 0.30 USD 0.25 USD 0.25 USD 0.25 USD 0.25 USD 0.05 USD 0.05 USD 0.05 USD 0.05 USD 0.05 USD 0.05 USD 0.05 USD 0.05 USD 0.38 USD 0.38
Page 23 of 36
JPMorgan Chase & Co JPM Financials

Income Annual Statement As of Reported
2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 TTM
Loans and Leases Deposits with banks Federal funds sold Securities Trading assets Other assets Total interest income Deposits Short-term borrowing Long-term debt Other expense Total interest expense Net interest income Commissions and fees Principal transactions Lending and deposit-related fees Securities gains (losses) Credit card income Other income Total noninterest revenue Total net revenue Provisions for credit losses Compensation and benefits Occupancy expense Tech, communication and equipment Professional and outside services Advertising and marketing Amortization of intangibles Merger, acquisition and restructuring Other special charges Other expenses Total noninterest expenses Income (loss) from cont ops before taxes Provision (benefit) for taxes Income from discontinued ops Extraordinary items Net income Preferred dividend Net income available to common shareholders Earnings per share Basic Diluted Weighted average shares outstanding Basic Diluted EBITDA
Fiscal year ends in December USD in Million except per share data
11,276 214 1,497 3,865 6,592 23,444 3,604 5,899 1,498 106 11,107 12,337 14,434 1,146 1,446 3,893 20,919 33,256 1,540 11,695 100 9,893 21,688 10,028 3,309 6,719 51 6,668 3.32 3.24 2,009 2,055 13,129
16,771 539 1,627 3,840 7,527 291 30,595 4,600 6,290 2,466 478 13,834 16,761 20,020 2,672 1,874 1,770 26,336 43,097 2,544 14,506 1,365 3,700 14,788 34,359 6,194 1,728 4,466 52 4,414 1.59 1.55 2,780 2,851 10,029
26,062 680 4,125 4,283 9,117 933 45,200 10,295 9,542 4,160 1,372 25,369 19,831 25,675 3,389 473 5,165 34,702 54,533 3,483 18,255 722 19,858 38,835 12,215 3,732 8,483 13 8,470 2.43 2.38 3,492 3,557 16,533
33,121 1,265 5,578 7,549 10,942 652 59,107 17,042 14,086 5,503 1,234 37,865 21,242 28,217 3,468 9,803 (1,293) 40,195 61,437 3,270 21,191 305 16,785 38,281 19,886 6,237 795 14,444 4 14,440 4.16 4.04 3,470 3,574 23,463
36,660 1,418 6,497 9,771 17,041 71,387 21,653 16,142 6,606 580 44,981 26,406 33,958 3,938 9,179 (2,109) 44,966 71,372 6,864 22,689 209 18,805 41,703 22,805 7,440 15,365 15,365 4.51 4.38 3,404 3,508 26,626
38,347 1,916 5,983 8,641 17,236 895 73,018 14,546 10,933 8,355 405 34,239 38,779 35,443 5,088 (9,139) (2,919) 28,473 67,252 20,979 22,746 432 20,322 43,500 2,773 (926) 1,906 5,605 5,605 1.41 1.37 3,501 3,605 7,179
38,704 938 1,750 12,381 12,098 479 66,350 4,826 3,845 6,309 218 15,198 51,152 30,373 9,796 1,110 7,110 893 49,282 100,434 32,015 26,928 3,666 4,624 6,232 1,777 1,050 481 7,594 52,352 16,067 4,415 76 11,728 1,327 10,401 2.27 2.26 3,863 3,880 19,900
40,388 345 1,786 9,715 11,007 541 63,782 3,424 2,708 5,504 1,145 12,781 51,001 29,600 10,894 2,965 5,891 2,343 51,693 102,694 16,639 28,124 3,681 4,684 6,767 2,446 936 14,558 61,196 24,859 7,489 17,370 1,606 15,764 3.98 3.96 3,956 3,977 29,824
37,098 599 2,523 9,325 11,142 606 61,293 3,855 2,873 6,109 767 13,604 47,689 29,431 10,005 1,593 6,158 2,358 49,545 97,234 7,574 29,037 3,895 4,947 7,482 3,143 848 13,559 62,911 26,749 7,773 18,976 1,408 17,568 4.50 4.48 3,900 3,920 31,854
35,832 555 2,442 7,936 9,039 259 56,063 2,655 1,788 6,062 648 11,153 44,910 34,409 5,536 2,110 5,658 4,408 52,121 97,031 3,385 30,585 3,925 5,224 7,429 2,577 957 14,032 64,729 28,917 7,633 21,284 1,407 19,877 5.22 5.20 3,809 3,822 34,064
34,682 652 2,149 7,147 8,850 355 53,835 2,280 1,901 5,358 561 10,100 43,735 34,108 10,762 1,193 5,852 3,482 55,397 99,132 3,109 30,978 3,689 5,364 7,412 2,422 877 11,965 62,707 33,316 8,891 24,425 1,526 22,899 6.02 5.99 3,803 3,824 38,423
Page 24 of 36

Annual Cash Flow As of Reported
2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 TTM
Net income Provision for credit losses Depreciation & amortization Deferred tax (benefit) expense Investments (gains) losses Stock based compensation Receivable Payables Other assets and liabilities Other operating activities Net cash provided by operating activities Change in deposits with banks Change in federal funds sold Sales/maturity of investments Purchases of investments Changes in loans, net Acquisitions and dispositions Property, and equipments, net Other investing activities Net cash used for investing activities Change in deposits Change in federal funds purchased Change in short-term borrowing Long-term debt issued Long-term debt repayment Common stock issued Preferred stock issued Redemption of preferred stock Repurchases of treasury stock Cash dividends paid Other financing activities Net cash provided by (used for) financing activities Effect of exchange rate changes Net change in cash Cash at beginning of period Cash at end of period
6,719 1,540 3,101 1,428 3,173 (1,360) 14,601 326,286 (301,854) (669) (11,345) 12,418 21,851 (55,462) 17,195 (8,316) (2,865) 1,346 (26,251) 282 1,050 19,218 20,268
4,466 2,544 3,835 (827) (1,104) (30,457) (262) (21,805) 179,731 (173,745) (29,062) (23,076) 52,082 2,722 25,344 (16,039) (3,927) (586) 59,596 185 14,900 20,268 35,168
8,483 3,483 4,318 (1,791) 1,336 (38,857) (1,199) (24,227) 113,988 (81,749) (1,039) (50,153) (18,953) 31,415 756 43,721 (26,883) (4,878) 938 45,069 (387) 1,502 35,168 36,670
14,444 3,270 3,577 (1,810) 543 (73,313) 3,710 (49,579) 169,487 (201,530) 185 (67,769) (99,627) 82,105 48,905 56,721 (34,267) (4,846) 4,131 152,749 199 3,742 36,670 40,412
15,365 6,864 3,821 1,307 (164) (149,071) 11,318 (110,560) 164,532 (122,507) (70) (115,073) (73,118) 113,512 (7,833) 136,553 (49,410) (5,051) (4,785) 182,986 424 (268) 40,412 40,144
5,605 20,979 4,406 (2,637) (1,560) 5,880 (9,575) 23,098 168,761 (248,599) 2,128 17,622 (226,258) (286,346) 177,331 15,250 81,593 (62,691) (5,911) 44,934 250,506 (507) (13,249) 40,144 26,895
11,728 32,015 3,833 (3,622) (1,110) 3,355 (6,312) 64,358 17,652
17,370 16,639 4,965 (968) (2,965) 3,251 443 17,325 (69,116) 9,304
18,976 7,574 5,105 1,693 (1,593) 2,675 8,655 35,203 9,956 7,688 95,932 (63,592) (12,490) 165,965 (202,309) (58,365) 102 (63) (170,752) 203,420 (63,116) 7,230 54,844 (82,078) (3,895) (8,699) 107,706 (851) 32,035 27,567 59,602
21,284 3,385 5,147 1,130 (2,110) 2,545 1,732 (13,069) 9,472 (4,437) 25,079 (36,595) (60,821) 201,024 (193,030) (30,491) 88 (119,825) 67,250 26,546 9,315 86,271 (96,473) 1,234 (5,194) (1,242) 87,707 1,160 (5,879) 59,602 53,723
24,425 3,109 5,107 1,827 (1,193) 2,331 (11,779) 3,931 41,931 (2,375) 67,314 (181,076) 2,311 175,313 (175,044) (17,084) (47) (481) (196,108) 72,116 (2,648) 15,330 121,045 (86,362) 3,610 (5,428) (4,715) 112,948 194 (15,652) 44,866 29,214
121,897 (3,752) 74,829 41,625 7,082 (26,957) 243,424 220,200 (346,372) (179,487) 51,251 3,645 (97) (4,910) (762) (114) 29,355 (107,700) 67,785 (76,727) 51,324 (55,713) 5,756 (25,000) (3,422) (8,482) (152,179) 238 (689) 26,895 26,206 54,002 (9,637) 15,202 (6,869) 55,181 (99,043) (352) (2,999) (1,486) 786 (49,217) 328 1,361 26,206 27,567
Page 25 of 36

Annual Balance Sheet As of Reported
2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12
Cash and due from banks Deposits with banks Federal funds sold Securities borrowed Trading assets Debt securities Loans Allowance for loan losses Net loans Receivables Premises and equipment Goodwill Other intangible assets Other assets Total assets Deposits Federal funds purchased Trading liabilities Payables Short-term borrowing Long-term debt Other liabilities Total liabilities Preferred stock Common stock Additional paid-in capital Retained earnings Treasury stock Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity
30,443 10,175 76,868 252,871 109,328 220,808 (4,523) 214,995 12,356 6,487 14,991 42,398 770,912 326,491 113,466 45,066 23,209 54,782 161,744 724,758 1,009 2,044 13,512 29,681 (62) (30) 46,154 770,912
56,848 21,680 101,354 288,814 149,676 402,114 (7,320) 394,794 53,131 9,145 57,887 23,919 1,157,248 521,456 127,787 75,722 21,644 105,718 199,268 1,051,595 339 3,585 72,801 30,209 (1,073) (208) 105,653 1,157,248
58,331 21,661 133,981 298,377 128,578 419,148 (7,090) 412,058 52,161 9,081 58,180 26,534 1,198,942 554,991 125,925 78,460 13,863 119,886 198,606 1,091,731 139 3,618 74,994 33,848 (4,762) (626) 107,211 1,198,942
53,959 13,547 140,524 365,738 172,022 483,127 (7,279) 475,848 22,891 8,735 60,038 38,218 1,351,520 638,788 162,173 88,096 18,849 163,683 164,141 1,235,730 3,658 77,807 43,600 (7,718) (1,557) 115,790 1,351,520
51,610 11,466 170,897 491,409 169,634 519,374 (9,234) 510,140 24,823 9,319 60,001 62,848 1,562,147 740,728 154,398 94,476 49,596 227,845 171,883 1,438,926 3,658 78,597 54,715 (12,832) (917) 123,221 1,562,147
165,034 138,139 203,115 509,983 329,943 744,898 (23,164) 721,734 60,987 10,045 63,011 (26,939) 2,175,052 1,009,277 192,546 187,978 37,845 403,083 177,439 2,008,168 31,939 3,942 92,143 54,013 (9,466) (5,687) 166,884 2,175,052
26,206 63,230 195,404 119,630 411,128 360,390 633,458 (31,602) 601,856 67,427 11,118 48,357 20,152 107,091 2,031,989 938,367 261,413 125,071 162,696 41,794 266,318 70,965 1,866,624 8,152 4,105 97,982 62,481 (7,196) (159) 165,365 2,031,989
27,567 21,673 222,554 123,587 489,892 316,336 692,927 (32,266) 660,661 70,147 13,355 48,854 17,688 105,291 2,117,605 930,369 276,644 146,166 170,330 35,363 304,978 77,649 1,941,499 7,800 97,415 73,998 (8,160) 5,053 176,106 2,117,605
59,602 85,279 235,314 142,462 443,963 364,793 723,720 (27,609) 696,111 61,478 14,041 48,188 10,430 104,131 2,265,792 1,127,806 213,532 141,695 202,895 51,631 256,775 87,885 2,082,219 7,800 4,105 95,602 88,315 (13,155) 906 183,573 2,265,792
53,723 121,814 296,296 119,017 821,180 733,796 (21,936) 711,860 60,933 14,519 48,175 9,849 101,775 2,359,141 1,193,593 131,918 195,240 55,367 275,660 303,294 2,155,072 9,058 4,105 94,604 104,223 (12,002) 4,081 204,069 2,359,141
Page 26 of 36
JPMorgan Chase & Co JPM Valuation / Estimates

Valuation History
50.00 40.00 30.00 20.00 10.00 JPM S&P 500
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TTM
Price/Earnings
11.3 21.1 1.7 3.1 2.3 1.6 5.2 11.9 Yields

11.5
25.2 19 1.3 3 2.6 1.6 -5.1 11.4
16.7 17.3 1.3 2.8 2.6 1.5 -5.8 10.7
12.6 16.8 1.4 2.9 2.8 1.6 -3.5 11.1
10 16.5 1.2 2.7 2.1 1.5 -1.4 11.6
37.6 10.9 0.9 1.7 1.7 0.9 4.9 6.8
18.6 18.6 1 2.2 1.6 1.2 1.3 9.1
10.7 15.5 1 2.2 1.6 1.3 -45 9.3
7.4 13.7 0.7 2 1.3 1.2 1.4 8.5
8.5 15 0.9 2.1 1.7 1.3 6.7 9.2
8.7 17 1 2.4 2 1.5 3 10.2
JPM S&P 500

Price/Book
JPM S&P 500

Price/Sales
JPM S&P 500

Price/Cash Flow
JPM S&P 500
Current Rates of Return % 10.00
JPM
5.9 3.7 2.5 1.5

Cash Return S&P 500 Earnings Yield 5.00
2.2
Earnings Yield
Dividend Yield
S&P 500 Dividend Yield
30-year T-Bond Yield
Current Valuation 2013-10-01

JPM Industry Avg S&P 500 JPM 5Y Avg* Relative to Industry Relative to S&P 500
Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Price/Fair Value

*Price/Cash Flow uses 3-year average.
8.7 1.0 2.0 3.0 2.5 1.0
14.2 1.1 2.1 -105.3 2.8
17.0 2.4 1.5 10.2 2.2
16.6 0.9 1.6 -12.3 2.3

Avg + Avg +
Forward Valuation 2013-10-01

JPM Industry Avg S&P 500 Relative to Industry Relative to S&P 500
Forward Price/Earnings PEG Ratio PEG Payback (Yrs)
8.5 1.6 6.2
15.2
Avg + Avg +
Page 27 of 36
JPMorgan Chase & Co JPM Valuation / Estimates

Analyst Ratings
%
Five-Year Growth Forecast Industry Avg Average Rating Last Month Industry Avg S&P 500 Avg
5.3% 3.9
Total Number of Analysts: Buy Outperform Hold Underperform Sell
5 0 3 0 1
Annual Earnings Estimates Data as of10/01/2013

12/2013 USD Growth % USD 12/2014 Growth %
Forward Comparisons
5Y Growth Forecast % Forward P/E PEG Ratio
High Low Mean 30 Days Ago 60 Days Ago 90 Days Ago Number of Estimates
7.18 4.90 5.76 5.84 5.87 5.76
38.1 -5.8 10.8 12.3 12.9 10.8 9
7.85 5.30 6.12 6.20 6.24 6.12
9.3 8.2 6.3 6.2 6.3 6.3 7
JPM Industry S&P 500
5.30 9.83
8.50 15.24
1.60
Page 28 of 36
JPMorgan Chase & Co JPM Key Ratios

Financials
2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 TTM
Revenue USD Mil Gross Margin % Operating Income USD Mil Operating Margin % Net Income USD Mil Earnings Per Share USD Dividends USD Payout Ratio % Shares Mil Book Value Per Share USD Operating Cash Flow USD Mil Cap Spending USD Mil Free Cash Flow USD Mil Free Cash Flow Per Share USD Working Capital USD Mil Profitability
Margins % of Sales
33,256 10,028 30.2 6,719 3.24 1.36 42.0 2,055 22.13 14,601 2,871 1.40
43,097 6,194 14.4 4,466 1.55 1.36 87.7 2,851 29.56 -21,805 -55,033 -19.30
54,533 12,215 22.4 8,483 2.38 1.36 57.1 3,557 30.60 -24,227 6,925 1.95
61,437 19,886 32.4 14,444 4.04 1.36 35.6 3,574 33.38 -49,579 5,865 1.64
71,372 22,805 32.0 15,365 4.38 1.48 33.8 3,508 36.68 -110,560 7,934 2.26
67,252 2,773 4.1 5,605 1.37 1.52 181.0 3,605 36.16 23,098 -38,058 -10.56
100,434 16,067 16.0 11,728 2.26 0.20 8.9 3,880 39.88 121,897 13,247 3.41
102,694 24,859 24.2 17,370 3.96 0.20 5.1 3,977 43.04 -3,752 6,629 1.67
97,234 26,749 27.5 18,976 4.48 1.00 22.3 3,920 46.59 95,932 11,509 2.94
97,031 28,917 29.8 21,284 5.20 1.20 23.1 3,822 51.27 25,079 788 0.21
99,132 33,316 33.6 24,425 5.99 1.28 21.4 3,824 52.54 67,314 6,758
2003-12
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
TTM
Revenue COGS Gross Margin SG&A R&D Other Operating Margin Net Int Inc & Other EBT Margin
Profitability
100.00 37.30 27.91 30.15 -4.63 30.15
100.00 36.76 42.97 14.37 -5.90 14.37
100.00 41.22 29.99 22.40 -6.39 22.40
100.00 38.09 24.22 32.37 -5.32 32.37
100.00 34.69 23.74 31.95 -9.62 31.95
100.00 36.67 28.02 4.12 -31.19 4.12
100.00 33.18 18.94 16.00 -31.88 16.00
100.00 34.33 25.26 24.21 -16.20 24.21
100.00 38.18 26.52 27.51 -7.79 27.51
100.00 39.56 27.15 29.80 -3.49 29.80
100.00 39.10 24.15 33.61 -3.14 33.61
Profitability Tax Rate % Net Margin % Asset Turnover (Average) Return on Assets % Financial Leverage (Average) Return on Equity % Return on Invested Capital % Interest Coverage
2003-12 33.00 20.05 0.04 0.87 17.08 15.43 -0.66
2004-12 27.90 10.24 0.04 0.46 10.99 5.87 -3.13
2005-12 30.55 15.53 0.05 0.72 11.20 7.98 -3.86
2006-12 30.16 23.50 0.05 1.13 11.67 12.96 -4.45
2007-12 32.62 21.53 0.05 1.05 12.68 12.86 -4.28
2008-12 8.33 0.04 0.30 16.12 4.34 -4.48
2009-12 27.48 8.74 0.05 0.42 12.93 6.01 -0.43
2010-12 30.13 15.35 0.05 0.76 12.58 9.69 1.40
2011-12 29.06 18.07 0.04 0.80 12.89 10.21 1.59
2012-12 26.40 20.49 0.04 0.86 12.10 10.72 2.31
TTM 26.69 23.10 0.04 0.97 12.33 12.00 2.96
Page 29 of 36

Growth
Revenue % 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 Latest Qtr
Year over Year 3-Year Average 5-Year Average 10-Year Average

Operating Income %
12.30 0.32 12.00 14.40
29.59 14.05 14.17 17.95
26.54 22.57 10.61 20.49
12.66 22.70 16.16 14.51
16.17 18.31 19.24 15.58
-5.77 7.24 15.12 13.55
49.34 17.80 18.44 16.28
2.25 12.89 13.50 12.04
-5.32 13.08 9.62 12.84
-0.21 -1.14 6.34 12.60
13.67

Net Income %
298.09 4.72 11.08 16.88
-38.23 34.14 -5.86 10.85
97.21 69.26 6.94 15.17
62.80 25.64 50.61 17.96
14.68 54.41 55.37 14.46
-87.84 -39.00 -22.67 -7.32
479.41 -6.86 21.00 6.73
54.72 2.92 15.27 11.03
7.60 112.87 6.11 26.42
8.11 21.64 4.86 27.64
32.83

EPS %
304.03 5.47 12.18 15.40
-33.53 38.15 -3.89 13.19
89.95 72.14 8.17 16.74
70.27 29.06 53.52 19.36
6.38 50.96 56.00 15.28
-63.52 -12.90 -3.56 4.01
109.24 -6.71 21.30 7.97
48.11 4.17 15.41 11.73
9.25 50.16 5.61 27.33
12.16 21.98 6.73 29.04
Year over Year 3-Year Average 5-Year Average 10-Year Average Cash Flow
Cash Flow Ratios
305.00 4.25 2.77 5.35
-52.16 24.67 -18.00 0.02
53.55 43.82 -3.61 0.99
69.75 7.63 38.25 9.39
8.42 41.38 40.50 5.05
-68.72 -16.81 -15.81 -6.99
64.96 -17.60 7.83 -5.96
75.22 -3.30 10.72 3.31
13.13 48.43 2.09 18.80
16.07 32.02 3.49 20.58
32.23
2003-12
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
TTM
Operating Cash Flow Growth % YOY Free Cash Flow Growth % YOY Cap Ex as a % of Sales Free Cash Flow/Sales % Free Cash Flow/Net Income
8.63 0.43
-127.70 -12.32
12.70 0.82
9.55 0.41
11.12 0.52
-56.59 -6.79
13.19 1.13
6.46 0.38
11.84 0.61
0.81 0.04
6.82 0.28
Page 30 of 36

Financial Health
Balance Sheet Items (in %) 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 Latest Qtr
Cash & Short-Term Investments Accounts Receivable Inventory Other Current Assets Total Current Assets Net PP&E Intangibles Other Long-Term Assets Total Assets Accounts Payable Short-Term Debt Taxes Payable Accrued Liabilities Other Short-Term Liabilities Total Current Liabilities Long-Term Debt Other Long-Term Liabilities Total Liabilities Total Stockholders' Equity Total Liabilities & Equity
Liquidity/Financial Health
3.95 1.60 0.84 1.94 100.00 5.85 3.01 7.11 94.01 5.99 100.00 2003-12 17.08 1.21
4.91 4.59 0.79 5.00 100.00 6.54 1.87 9.14 90.87 9.13 100.00 2004-12 10.99 1.00
4.87 4.35 0.76 4.85 100.00 6.54 1.16 10.00 91.06 8.94 100.00 2005-12 11.20 1.12
3.99 1.69 0.65 4.44 100.00 6.52 1.39 12.11 91.43 8.57 100.00 2006-12 11.67 1.41
3.30 1.59 0.60 3.84 100.00 6.05 3.17 14.59 92.11 7.89 100.00 2007-12 12.68 1.85
7.59 2.80 0.46 2.90 100.00 8.64 1.74 18.53 92.33 7.67 100.00 2008-12 16.12 2.99
4.40 3.32 0.55 3.37 100.00 2.06 13.11 91.86 8.14 100.00 2009-12 12.93 1.69
2.33 3.31 0.63 3.14 100.00 8.04 1.67 14.40 91.68 8.32 100.00 2010-12 12.58 1.81
6.39 2.71 0.62 2.59 100.00 8.95 2.28 11.33 91.90 8.10 100.00 2011-12 12.89 1.46
7.44 2.58 0.62 2.46 100.00 8.28 2.35 11.68 91.35 8.65 100.00
13.96 3.34 0.60 2.43 100.00 8.67 2.32 12.16 91.42 8.58 100.00
Liquidity/Financial Health Quick Ratio Financial Leverage Debt/Equity Efficiency Ratios

Efficiency
2012-12 Latest Qtr 12.10 12.33 1.41 1.50
2003-12
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
TTM
Days Sales Outstanding Days Inventory Payables Period Cash Conversion Cycle Receivables Turnover Inventory Turnover Fixed Assets Turnover Asset Turnover
4.99 0.04
5.51 0.04
5.98 0.05
6.90 0.05
7.91 0.05
6.95 0.04
9.49 0.05
8.39 0.05
7.10 0.04
6.79 0.04
6.89 0.04
Page 31 of 36
JPMorgan Chase & Co JPM Ownership

Equity and Debt
Type Mil USD Current Ownership (8 Qtrs)
3,000.00 2,400.00 1,800.00 1,200.00 600.00
Current Ownership (10 Yrs)

7,950.00 6,360.00 4,770.00 3,180.00 1,590.00
Equity Debt
209,239.0 353,228.0
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
04
05
06
07
08
09
10
11
12
13
Equity Owners
Current Ownership
180,000 120,000
Institutions
2,952.23
2,970.00 1,980.00 990.00
Institutions
2,952.23
7,950.00 5,300.00 2,650.00
60,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 04 05 06 07 08 09 10 11 12 13
Type
Mil USD
Mutual Funds
1,449.26
1,470.00 980.00 490.00
Mutual Funds
1,449.26
7,950.00 5,300.00 2,650.00
Institutions Mutual Funds Insiders
152,096.8 74,960.4 234.3

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
04
05
06
07
08
09
10
11
12
13
Insiders
6.00 4.00 2.00 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
4.53
Insiders
6.00 4.00 2.00 04 05 06 07 08 09 10 11 12 13
4.53
Fund Owners' Style

Style # of Funds Shares Buy Sell Net % Chg
Buying Trend SellingTrend
1,200 41 4
Value
2,228 54 1
Blend
721 16 3
Growth
Large Value Large Blend Large Growth Mid Value Mid Blend Mid Growth Small Value Small Blend Small Growth Total
1,200 2,228 721 41 54 16 4 1 3 4,268
559,045,179 681,764,284 195,417,603 3,878,794 6,544,737 2,554,227 46,400 340 4,360 1,449,255,924
16,833,189 17,991,377 5,763,481 124,349 450,468 41,250 7,500 --41,211,614
11,314,212 23,292,108 9,063,594 74,396 375,130 289,462 --494,881 44,903,783
1 -0.77 -1.66 1.3 1.16 -8.86 ----0.25
Large Mid Small
Page 32 of 36

Owner Activity
Institutions Name Current % Chg from Prev Qtr Current Funds % Chg from Prev Qtr
Total Owners New Owners Sold Out # of Owners Buying # of Owners Selling Total Shares Owned (Mil) Total Shares Bought (Mil) Total Shares Sold (Mil) Net Share Change (Mil) Peer Comparison
Equity Ownership
2,720 270 151 956 991 2,952 269 134 135
22.63 112.60 29.06 13.40 13.00 5.67 70.57 -16.19 -5739.33
4,268 211 166 1,231 1,184 1,449 41 45 -4
12.61 26.35 -34.13 5.94 10.24 5.51 -44.45 -15.09 -117.65
JPM
WFC
BAC
Market Cap (Mil USD) # of Institution Owners Equity Ownership

Funds Shares
195,588 2,720
220,303 2,537
149,329 2,055
147,794 1,983
Change
% Total Shares Held
% Total Assets
Date
Vanguard Total Stock Mkt Idx Vanguard 500 Index Inv Vanguard Institutional Index I SPDR S&P 500 Vanguard Wellington Inv Financial Select Sector SPDR Vanguard Windsor II Inv SSgA S&P 500 Index Strategy Franklin Income A American Funds Washington Mutual A Total: Top 10 funds
Institutions
53,997,408 36,453,040 35,878,103 36,381,965 25,385,376 22,547,494 21,440,453 23,015,160 19,000,000 17,468,700 0
335,657 251,154 -46,655 -287,504 0 -177,100 70,900 359,824 0 0 0
1.43 0.97 0.95 0.97 0.67 0.60 0.57 0.61 0.50 0.46 0
1.12 1.4 1.4 1.29 1.86 7.97 2.66 1.26 1.32 1.52
07/31/2013 07/31/2013 07/31/2013 10/01/2013 06/30/2013 10/01/2013 06/30/2013 03/31/2013 06/30/2013 06/30/2013
Vanguard Group, Inc. State Street Corp BlackRock Fund Advisors Wellington Management Company, LLP Fidelity Management and Research Company T. Rowe Price Associates, Inc. Northern Trust Investments, N.A. Capital World Investors The JPMorgan Chase 401K Savings Plan MFS Investment Management K.K. Total: Top 10 institutions
178,912,530 171,514,267 119,634,118 96,044,072 94,223,315 79,256,840 60,023,478 55,291,232 69,263,347 51,407,963 975,571,162
2,183,408 5,577,631 -2,143,452 -4,692,808 11,995,578 -2,080,142 -56,621 1,605,000 69,263,347 748,727 82,400,668
4.75 4.55 3.17 2.55 2.50 2.10 1.59 1.47 1.76 1.36 25.8
0.99 1.18 1.13 1.65 0.87 1.12 1.14 0.95 22.48 1.83
06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 12/31/2009 06/30/2013
Page 33 of 36

Major Shareholders
Funds Star Rating Shares Held % Total Shares Held Shares Change % Chg from Prior Port % Total Assets Date of Portfolio
Vanguard Total Stock Mkt Idx Vanguard 500 Index Inv Vanguard Institutional Index I SPDR S&P 500 Vanguard Wellington Inv Financial Select Sector SPDR Vanguard Windsor II Inv SSgA S&P 500 Index Strategy Franklin Income A American Funds Washington Mutual A MFS Value A BlackRock Equity Dividend Inv B Fidelity Spartan 500 Index Inv T. Rowe Price Equity Income CREF Stock T. Rowe Price Value Vanguard Value Index Inv American Funds American Balanced A Vanguard Wellesley Income Fund iShares Russell 1000 Value Index
Institutions
QQQQ QQQQ QQQQ QQQQQ Q QQQQ QQQ QQQQ QQQ QQQ QQQQ QQQQ QQQ QQQ QQQQ QQQ QQQ QQQ
53,997,408 36,453,040 35,878,103 36,381,965 25,385,376 22,547,494 21,440,453 23,015,160 19,000,000 17,468,700 18,210,170 17,797,800 15,560,963 14,281,200 13,251,739 13,040,000 10,986,373 9,121,000 8,237,700 8,323,489
Shares Held
1.43 0.97 0.95 0.97 0.67 0.60 0.57 0.61 0.50 0.46 0.48 0.47 0.41 0.38 0.35 0.35 0.29 0.24 0.22 0.22
% Total Shares Held
335,657 251,154 -46,655 -287,504 0 -177,100 70,900 359,824 0 0 303,520 0 232,377 -100,000 -332,960 195,000 195,393 410,000 -122,000 -51,381
Shares Change
0.63 0.69 -0.13 -0.78 0.00 -0.78 0.33 1.59 0.00 0.00 1.70 0.00 1.52 -0.70 -2.45 1.52 1.81 4.71 -1.46 -0.61
% Chg from Prior Port
1.12 1.4 1.4 1.29 1.86 7.97 2.66 1.26 1.32 1.52 3.4 3.15 1.28 2.78 0.63 4.41 2.35 0.8 1.28 2.28
% Total Assets
07/31/2013 07/31/2013 07/31/2013 10/01/2013 06/30/2013 10/01/2013 06/30/2013 03/31/2013 06/30/2013 06/30/2013 08/31/2013 08/31/2013 08/31/2013 06/30/2013 07/31/2013 06/30/2013 07/31/2013 06/30/2013 06/30/2013 10/01/2013
Date of Portfolio
Vanguard Group, Inc. State Street Corp BlackRock Fund Advisors Wellington Management Company, LLP Fidelity Management and Research Company T. Rowe Price Associates, Inc. Northern Trust Investments, N.A. Capital World Investors The JPMorgan Chase 401K Savings Plan MFS Investment Management K.K. Invesco Advisers, Inc BlackRock Advisors LLC Columbia Management Investment Adv LLC Barrow, Hanley, Mewhinney & Strauss LLC. Geode Capital Management, LLC Franklin Advisers, Inc. Harris Associates L.P. Mellon Capital Management Corporation Bank of New York Mellon Corp Morgan Stanley Smith Barney LLC
178,912,530 171,514,267 119,634,118 96,044,072 94,223,315 79,256,840 60,023,478 55,291,232 69,263,347 51,407,963 38,551,297 37,356,872 32,989,673 32,190,193 26,141,815 25,539,324 25,538,239 23,198,863 22,050,201 21,964,700
4.75 4.55 3.17 2.55 2.50 2.10 1.59 1.47 1.76 1.36 1.02 0.99 0.88 0.85 0.69 0.68 0.68 0.62 0.59 0.58
2,183,408 5,577,631 -2,143,452 -4,692,808 11,995,578 -2,080,142 -56,621 1,605,000 69,263,347 748,727 74,693 -946,642 1,986,847 1,448,616 179,318 -590,553 102,913 540,104 -3,810,638 461,086
1.24 3.36 -1.76 -4.66 14.59 -2.56 -0.09 2.99 New 1.48 0.19 -2.47 6.41 4.71 0.69 -2.26 0.40 2.38 -14.74 2.14
0.99 1.18 1.13 1.65 0.87 1.12 1.14 0.95 22.48 1.83 1.52 2.07 1.37 2.86 1.21 1.38 2.83 1.07 1.08 1.21
06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 12/31/2009 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013
Page 34 of 36

Concentrated Shareholders
Funds Star Rating Shares Held % Total Shares Held Shares Change % Chg from Prior Port % Total Assets Date of Portfolio
ProFunds VP Banks ProFunds Banks UltraSector Inv iShares U.S. Financial Services ETF ICON Financial S Market Vectors Bank and Brokerage ETF Schwab Financial Services PowerShares KBW Bank Financial Select Sector SPDR Snow Capital Hedged Equity A RevenueShares Financials Sector Midas Magic DH Financial Trends Fund Securiti1 Vanguard Financials ETF Snow Capital Focused Val Instl White Oak Select Growth ProFunds VP Financials JNL/Mellon Cptl Financial Sector B Oppenheimer Main Street Select A iShares U.S. Financials ETF Invesco VI Value Opportunities II
Institutions
Q Q QQ QQQ Q QQQ QQ QQ QQ QQ QQQ QQ QQ Q
25,315 38,989 1,223,115 68,800 26,010 96,000 226,486 22,547,494 520 49,392 19,400 67,193 1,950,875 325 295,400 47,940 431,295 1,826,150 1,470,262 248,157
Shares Held
0.00 0.00 0.03 0.00 0.00 0.00 0.01 0.60 0.00 0.00 0.00 0.00 0.05 0.00 0.01 0.00 0.01 0.05 0.04 0.01
% Total Shares Held
-1,394 -17,009 -7,550 -8,700 65 800 0 -177,100 250 5,558 0 0 97,167 60 0 2,340 30,224 0 -8,548 -13,189
Shares Change
-5.22 -30.37 -0.61 -11.23 0.25 0.84 0.00 -0.78 92.59 12.68 0.00 0.00 5.24 22.64 0.00 5.13 7.54 0.00 -0.58 -5.05
19.63 14.39 10.51 10.23 9.37 8.41 8.2 7.97 7.87 6.98 6.69 6.6 6.55 6.47 6.41 6.34 6.3 6.05 6.01 5.97
% Total Assets
06/30/2013 04/30/2013 10/01/2013 07/31/2013 08/30/2013 04/30/2013 10/01/2013 10/01/2013 06/30/2013 08/31/2013 08/31/2013 02/28/2013 07/31/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 08/31/2013 10/01/2013 06/30/2013
Date of Portfolio
American Life and Accident Ins Co of KY The JPMorgan Chase 401K Savings Plan Manulife AIC Funds Key Colony Management, LLC DAVIS CAPITAL PARTNERS, LLC Myriad Asset Management Ltd Lansdowne Partners Limited Partnership Ruffer LLP DAVIDE LEONE & PARTNERS INVESTMENT Consulta Limited Cuso Directed Account Plan Alpine Investment Management LLC TEGEAN CAPITAL MANAGEMENT, LLC Cazenove Fund Management Ltd PM CAPITAL Limited Scotia Fondos SA de CV Grisanti Capital Management Cincinnati Specialty Underwriters Ins CO Absa Asset Management (Pty) Ltd Bay State Ins Co
1,098,540 69,263,347 142,880 400,000 548,710 202,500 15,240,748 3,398,647 1,000,000 1,173,767 1,744,507 710,012 200,000 190,946 248,286 25,200 296,289 93,000 14,000 400,000
0.03 1.76 0.00 0.01 0.01 0.01 0.40 0.09 0.03 0.03 0.05 0.02 0.01 0.01 0.01 0.00 0.01 0.00 0.00 0.01
0 69,263,347 0 0 548,710 202,500 -2,755,669 -578,105 -55,518 -271,116 1,744,507 75,418 5,000 45,173 -684 400 49,512 0 0 0
0.00 New 0.00 0.00 New New -15.31 -14.54 -5.26 -18.76 New 11.88 2.56 30.99 -0.27 1.61 20.06 0.00 0.00 0.00
22.52 22.48 22.46 19.9 13.93 12.31 10.15 9.66 9.54 9.19 8.79 8.52 8.07 8.05 8.02 7.96 7.65 7.55 7.54 7.32
12/31/2012 12/31/2009 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 12/31/2008 06/30/2013 06/30/2013 06/30/2013 08/31/2013 08/31/2013 06/30/2013 06/30/2013 06/30/2013 12/31/2012
Page 35 of 36

Shareholders Buying
Funds Star Rating Shares Bought % Total Shares Held % Chg from Prior Port % Total Assets Date of Portfolio
American Funds Capital Inc Bldr A Ivy Asset Strategy C Putnam S&P 500 Fund: A Janus Growth & Income D Neuberger Berman Equity Income Inst Federated Equity Income A Putnam Capital Spectrum A Janus Global Research D Vanguard Equity-Income Inv MFS VIT Total Return Svc Metropolitan Ser MFS Value B Fidelity Magellan American Funds American Balanced A Calamos Growth A Fidelity Advisor Series Growth & Income SSgA S&P 500 Index Strategy Vanguard Total Stock Mkt Idx T. Rowe Price Growth Stock Lord Abbett Fundamental Equity C RS Large Cap Alpha VIP Series
Institutions
QQQ QQQ QQQQ QQQ QQQ QQQQ QQQQQ QQQ QQQQQ QQQ QQQQ Q QQQ Q QQQ QQQQ QQQ QQQQ
4,170,000 1,381,700 683,006 600,000 582,000 567,460 562,100 494,709 468,700 464,184 455,810 422,100 410,000 400,000 381,780 359,824 335,657 306,800 306,400 304,400
Shares Bought
0.11 0.04 0.02 0.05 0.02 0.02 0.01 0.01 0.19 0.03 0.07 0.15 0.24 0.01 0.01 0.61 1.43 0.07 0.08 0.01
% Total Shares Held
New 2402.96 472.12 48.00 New 155.40 New New 6.91 57.63 22.54 7.89 4.71 New 283.15 1.59 0.63 13.00 11.26 New
0.28 0.27 3.01 2.57 1.06 3.45 0.96 1.11 3.01 2.03 3.63 1.98 0.8 0.51 3.56 1.26 1.12 0.41 3.07 1.49
% Total Assets
06/30/2013 06/30/2013 06/30/2013 06/30/2013 07/31/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 08/31/2013 06/30/2013 08/31/2013 06/30/2013 07/31/2013 08/31/2013 03/31/2013 07/31/2013 06/30/2013 06/30/2013 06/30/2013
Date of Portfolio
The JPMorgan Chase 401K Savings Plan Manufacturers Life Insurance Co Fidelity Management and Research Company Putnam Investment Management,LLC New Jersey Division of Pensions and Benefits HSBC Holdings PLC Marsh and Mclennan Companies Retirement Plan Ontario Teachers' Pension Plan Winslow Capital Management, LLC ING Investment Management LLC BMO Asset Management Inc. State Street Corp ING Investments, LLC Dreyfus Corp. Pnc Bank, National Association Westwood Holdings Group, Inc. D. E. Shaw & Co LP Allianz Global Investors U.S. LLC Vanguard Group, Inc. Discovery Capital Management LLC
69,263,347 12,688,970 11,995,578 11,899,279 8,458,154 7,061,165 6,796,603 6,400,000 5,876,017 5,864,630 5,764,038 5,577,631 5,078,681 3,363,818 2,989,765 2,776,818 2,419,561 2,267,398 2,183,408 2,173,352
1.76 0.36 2.50 0.32 0.21 0.36 0.00 0.16 0.16 0.16 0.15 4.55 0.16 0.20 0.28 0.07 0.17 0.14 4.75 0.06
New 1420.53 14.59 New New 110.77 New New 3539769.28 New New 3.36 630.42 80.33 39.49 New 58.86 80.18 1.24 New
22.48 1.35 0.87 1.83 0.5 2.15 0.26 1.45 1.01 0.86 0.54 1.18 1.64 1.2 0.82 1.28 0.65 1.17 0.99 1.23
12/31/2009 06/30/2013 06/30/2013 06/30/2013 06/30/2010 06/30/2013 12/31/2009 12/31/2010 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013
Page 36 of 36

Shareholders Selling
Funds Star Rating Shares Sold % Total Shares Held % Chg from Prior Port % Total Assets Date of Portfolio
American Funds Invmt Co of Amer A American Funds Capital World G/I A American Century Equity Income Inv Hartford Capital Appreciation A Mellon Cap EB DL Large Cap Stock Indx Fd Waddell & Reed Core Investment A Davis NY Venture A American Funds American Mutual A Fidelity Series Large Cap Value Fidelity Advisor Growth & Income A BlackRock Global Allocation Inv B RhumbLine S&P 500 Pooled Index CF American Century Equity Growth Inv Hartford Capital Appreciation HLS IA CREF Stock Vanguard Global Equity Inv Principal Large Cap Value R2 American Funds New Perspective A SPDR S&P 500 American Funds AMCAP A
Institutions
QQQ QQQ QQQQ QQ QQQQ QQQ QQ QQQQ QQ QQ QQQ QQQQ QQQQ QQQQ QQQ QQQ QQ QQQQ QQQQ QQQ
-2,900,000 -2,514,000 -1,299,800 -998,475 -970,242 -948,800 -677,600 -625,000 -410,000 -381,100 -351,344 -349,296 -337,734 -333,139 -332,960 -327,407 -327,152 -300,000 -287,504 -250,000
Shares Sold
0.14 0.07 0.05 0.14 0.01 0.04 0.09 0.08 0.07 0.01 0.17 0.01 0.01 0.07 0.35 0.01 0.05 0.18 0.97 0.06
% Total Shares Held
-35.89 -48.22 -40.63 -15.84 -77.68 -37.11 -16.05 -17.12 -14.23 -50.41 -5.33 -43.98 -51.10 -10.96 -2.45 -49.15 -15.39 -4.27 -0.78 -9.92
0.48 0.2 0.97 2.43 1.2 2.46 0.97 0.63 2.28 3.58 0.61 1.39 0.65 1.85 0.63 0.42 3.53 0.8 1.29 0.41
% Total Assets
06/30/2013 06/30/2013 06/30/2013 08/31/2013 06/30/2013 06/30/2013 07/31/2013 06/30/2013 08/31/2013 08/31/2013 07/31/2013 06/30/2013 06/30/2013 08/31/2013 07/31/2013 06/30/2013 08/31/2013 06/30/2013 10/01/2013 06/30/2013
Date of Portfolio
Fayez Sarofim & Company Robeco Institutional Asset Mgmt BV Wellington Management Company, LLP Bank of New York Mellon Corp UBS Securities LLC TIAA-CREF Investment Management LLC Lansdowne Partners Limited Partnership Standard Life Investments Vontobel Asset Management, Inc. TD Asset Management Inc BlackRock Fund Advisors American Century Inv Mgt, Inc. T. Rowe Price Associates, Inc. Highfields Capital Management LP Government Pension Fund of Norway - Global Jennison Associates LLC Pioneer Investment Management Inc Morgan Stanley & Co Inc Aberdeen Asset Management PLC Capital Research Global Investors
-7,377,587 -5,265,550 -4,692,808 -3,810,638 -3,329,918 -2,790,702 -2,755,669 -2,666,253 -2,552,335 -2,229,267 -2,143,452 -2,093,791 -2,080,142 -2,000,000 -1,989,926 -1,832,452 -1,715,792 -1,659,806 -1,645,760 -1,494,000
0.18 0.13 2.55 0.59 0.06 0.49 0.40 0.11 0.04 0.17 3.17 0.23 2.10 0.05 0.83 0.10 0.08 0.10 0.01 0.49
-51.54 -52.72 -4.66 -14.74 -58.64 -13.17 -15.31 -40.02 -64.14 -25.48 -1.76 -19.75 -2.56 -51.22 -6.00 -32.79 -37.11 -30.24 -78.87 -7.53
1.84 2.52 1.65 1.08 0.34 0.79 10.15 1.34 0.98 0.74 1.13 0.59 1.12 0.83 0.19 0.22 0.64 0.4 0.07 0.41
06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 12/31/2011 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013

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JPMorgan Chase & Co JPM

Quote Analysis Insiders

21 Performance 23 Financials 26 Valuation / Estimates 28 Key Ratios 31 Ownership

Release date 10-02-2013

JPMorgan Chase & Co JPM

Morningstar Analyst Rating . Forward P/E P/B P/S P/CF

Stock Price 2013-01-01 - 2013-10-01

09/17/2013 10/02/2013 0.38 2.93 %

$ 53.00 $ 31.80 $ 82.15 High Narrow Exemplary C C Z

07/02/2013 04/03/2013 01/02/2013 10/03/2012

Cash Dividends Cash Dividends Cash Dividends Cash Dividends

0.3800 0.3000 0.3000 0.3000

Direct Investment Dividend Reinvestment Plan Competitors

TTM Sales $ mil

8.6 1 2 -1.1 22 33.6 23.1 1 12 1.5

14.1 1.1 2.1 3.4 32.5 44 14.8 0.5 7.4 1.3

$52.11 $14.10 $41.17 $54.41 $10.79 $15.51

0.29 ] 0.64 ] -0.77 [ -0.46 [ -0.46 [ -0.17 [

99,132 93,118 85,798 82,885 82,885 79,246

Wall St. Recommendations Current Total Analysts: 9 3.9

97,031.00 44,910.00 21,284.00 5.20 3,822.20

97,234.00 47,689.00 18,976.00 4.48 3,920.30

102,694.00 51,001.00 17,370.00 3.96 3,977.00

25,211.00 10,704.00 6,496.00 1.60 3,814.30

22,180.00 11,146.00 4,960.00 1.21 3,820.50

1.43 0.97 0.95 0.97 0.67

1.12 1.40 1.40 1.29 1.86

Net Loans Total Assets Deposits Total Liabilities Stockholders' Equity

711,860.00 2,359,141.00 1,193,593.00 2,155,072.00 204,069.00

696,111.00 2,265,792.00 1,127,806.00 2,082,219.00 183,573.00

660,661.00 2,117,605.00 930,369.00 1,941,499.00 176,106.00

706,202.00 2,439,494.00 1,202,950.00 2,230,255.00 209,239.00

703,780.00 2,290,146.00 1,115,886.00 2,098,574.00 191,572.00

Release date 10-02-2013

JPMorgan Chase & Co JPM

Morningstar Analyst Rating . Forward P/E P/B P/S P/CF

Cash From Operations Cash From Investing Cash From Financing

25,079.00 -119,825.00 87,707.00

95,932.00 -170,752.00 107,706.00

-3,752.00 54,002.00 -49,217.00

68,520.00 -86,790.00 1,928.00

Release date 10-02-2013

JPMorgan Chase & Co JPM Quote

53.00 Business Description

Release date 10-02-2013

JPMorgan Chase & Co JPM Quote

QQQ QQQ QQQ

1.5 0.2 0.8

QQQ QQ QQQ QQQ QQQ QQQ

QQQ QQQ QQQ QQQ QQQ QQQ QQQQ

-0.0 2.8 1.6

Release date 10-02-2013

JPMorgan Chase & Co JPM Quote

1,706 1.8 94 100,807 2.1 1.1 14.1 2.8

1.5 2.4 1.9 0.0 1.3

Release date 10-02-2013

JPMorgan Chase & Co JPM Analysis

Investment Thesis | 06 Mar 2013 | Jim Sinegal, Director

Release date 10-02-2013

JPMorgan Chase & Co JPM Analysis

Release date 10-02-2013

JPMorgan Chase & Co JPM Analysis

$52.11 $14.10 $41.17 $54.41 $10.79 $15.51