201310021346443330368_jpm

8/13/2019 201310021346443330368_JPM

1/37

JPMorgan Chase & CoJPM

1 Quote

6 Analysis

9 Insiders

21 Performance

23 Financials

26 Valuation / Estimates

28 Key Ratios

31 Ownership

8/13/2019 201310021346443330368_JPM

2/37

JPMorgan Chase & CoJPM Morningstar Analyst RatiLast Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/

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 3

Stock Price2013-01-01 - 2013-10-01

XNYS:JPM:7.99|18.17%

20.00

40.00

60.00

2013

Morningstars Take

Jamie Dimon, Morningstar's 2002 CEO of the Year, has awell-deserved reputation as one of the best bankers inthe business. Indeed, J.P. Morgan Chase made it throughthe worst of the financial crisis in remarkably goodshape, adding Washington Mutual's retail bankingoperations and Bear Stearns' investment bank to itsalready wide-ranging lines of business. In our view,much of J.P. Morgan Chase's outperformance was due tocommon-sense risk management. For example, the bank

carried far more tangible capital than Citigroup in early2008, providing a much larger buffer against subsequentlosses. Such conservatism is still paying off--J.P. MorganChase's capital base and earnings power ensured thatthe bank survived a multi-billion-dollar derivative loss inearly 2012. That said, the misstep is a reminder thateven the best managers can mitigate, but not eliminate,risk at financial firms.

Fair Value Estimate $ 53.00

Consider Buying $ 31.80

Consider Selling $ 82.15

Fair Value Uncertainty High

Economic Moat Narrow

Stewardship Exemplary

Growth CProfitability CMorningstar Credit Rating Z

Key Stats

Stock Ind Avg

Price/Earnings TTM 8.6 14.1

Price/Book 1 1.1

Price/Sales TTM 2 2.1

Rev Growth (3 Yr Avg) -1.1 3.4

Net Income Growth (3 Yr Avg) 22 32.5

Operating Margin % TTM 33.6 44Net Margin % TTM 23.1 14.8

ROA TTM 1 0.5

ROE TTM 12 7.4

Debt/Equity 1.5 1.3

Relative to Industry

- Avg +

Financials

Annual Quarterly

Income Statement 2012-12 2011-12 2010-12 2013-06 2012-06

Revenue 97,031.00 97,234.00 102,694.00 25,211.00 22,180.00

Net Interest Income 44,910.00 47,689.00 51,001.00 10,704.00 11,146.00

Net Income 21,284.00 18,976.00 17,370.00 6,496.00 4,960.00

Earnings Per Share 5.20 4.48 3.96 1.60 1.21

Shares Outstanding 3,822.20 3,920.30 3,977.00 3,814.30 3,820.50

Balance Sheet

Net Loans 711,860.00 696,111.00 660,661.00 706,202.00 703,780.00

Total Assets 2,359,141.00 2,265,792.00 2,117,605.00 2,439,494.00 2,290,146.00

Deposits 1,193,593.00 1,127,806.00 930,369.00 1,202,950.00 1,115,886.00

Total Liabilities 2,155,072.00 2,082,219.00 1,941,499.00 2,230,255.00 2,098,574.00

Stockholders' Equity 204,069.00 183,573.00 176,106.00 209,239.00 191,572.00

Dividends

Declared Date 09/17/20

Ex-Dividend Date 10/02/20

Latest Indicated Dividend Amount 0

Projected Yield 2.93

Recent Dividends &

Splits

Type Amo

07/02/2013 Cash Dividends 0.38




Purchase Options

Direct Investment Y

Dividend Reinvestment Plan Y

CompetitorsName Price % Chg TTM Sa

$

JPMorgan Chase & Co $52.11 0.29] 99,1

Industrial AndCommercial Bank OfChina Ltd. ADR

$14.10 0.64] 93,1

Wells Fargo & Co $41.17 -0.77 [ 85,7

HSBC Holdings PLCADR

$54.41 -0.46 [ 82,8

HSBC Holdings PLC $10.79 -0.46 [ 82,8

China ConstructionBank Corp ADR

$15.51 -0.17 [ 79,2

Wall St. Recommendations

Current 3.9

Total Analysts: 9 5.0 3.0Buy Hold

Ownership

Fund Owners Star

Rating

% Shares

Held

% To

Ass

Vanguard Total Stock MktIdx

1.43 1

Vanguard 500 Index Inv QQQQ 0.97 1

Vanguard InstitutionalIndex I

QQQQ 0.95 1

SPDR S&P 500 QQQQ 0.97 1

Vanguard Wellington Inv QQQQQ 0.67 1

Release date 10-02-2013

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. Theinformation 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 1 of

8/13/2019 201310021346443330368_JPM

3/37

JPMorgan Chase & CoJPM Morningstar Analyst RatiLast Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/

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 3

Cash Flow

Cash From Operations 25,079.00 95,932.00 -3,752.00 68,520.00

Cash From Investing -119,825.00 -170,752.00 54,002.00 -86,790.00

Cash From Financing 87,707.00 107,706.00 -49,217.00 1,928.00



Page 2 of

8/13/2019 201310021346443330368_JPM

4/37


Quote Stock Type Last Close 10/02/2013 Fair Value Estimate Morningstar RatingCyclical 52.11 53.00 QQQ

Industry Classification

NAICS Commercial Banking (522110)

SIC Chartered Banks (7021);National Commercial Banks (6021)

ISIC Other Monetary Intermediation (6419)

Operation Details

Fiscal Year Ends 2013-12-31

CIK 19617

Year Established

Employees (12/31/2011) 258,965

Full Time

Part Time

Auditor (12/31/2012) Pr icewaterhouseCoopers LLP

Legal Advisor ()

Key Executives James S. Dimon/Chairman of the Board, President and Chief Executive Officer; DanielPinto/Co-Chief Executive Officer of the Corporate and Investment Bank and ChiefExecutive Officer of Europe, the Middle East and Africa; Michael J. Cavanagh/Co-ChiefExecutive Officer of the Corporate and Investment Bank; Mary Callahan Erdoes/Chief

Executive Officer of Asset Management; Gordon A. Smith/Chief Executive Officer ofConsumer and Community Banking; Matthew E. Zames/Chief Operating Officer andHead of Mortgage Banking Capital Markets; Douglas B. Petno/Chief Executive Officer ofCommercial Banking; John James Hogan/Chief Risk Officer; Stephen M. Cutler/GeneralCounsel; James E. Staley/Chairman of the Board, Corporate and Investment Bank; JohnL 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/CorporateSecretary

Business Description

JPMorgan Chase & Co is a financial services firm andbanking institutions. its segments are Corporate &Investment Bank, Consumer & Community Banking,Commercial Banking and Asset Management.

30-day Avg Volume 20.6M

Market Cap 195.6

Net Income 24.4

Sales 99.1

Sector Financial Servic

Industry Banks - Glo

Stock Style 1Large VaDirect Investment Y

Dividend Reinvestment Y



Page 3 of

8/13/2019 201310021346443330368_JPM

5/37



Industry Peers

MorningstarRating

MarketCap $Mil

NetIncome $Mil

P/S P/B P/E DividendYield%

5 Yr RevCAGR%

Med Oper.Margin%

InterestCoverage

JPMorgan Chase & Co QQQ 195,587 24,425 2.0 1.0 8.7 2.5 6.3 24.2 3.6

Industrial And Commercial Bank Of China Ltd. 244,929 253,719 2.7 1.3 6.0 4.6 16.0 56.3 2.0Wells Fargo & Co QQQ 220,302 20,717 2.6 1.5 11.2 2.6 16.9 22.3 6.5

HSBC Holdings PLC QQQ 202,690 15,873 2.4 1.2 11.5 4.3 -0.6 15.2 2.1

HSBC Holdings PLC 200,984 15,873 2.4 1.2 11.4 3.5 -0.6 15.2 2.1

China Construction Bank Corp 194,208 206,607 2.5 1.2 5.8 4.7 16.0 53.7 2.0

Agricultural Bank of China Ltd. 150,314 156,947 2.1 1.2 5.9 4.5 18.7 41.1 1.8

Bank of America Corporation QQQ 149,329 6,567 1.8 0.7 23.0 0.3 4.5 3.6 1.2

Citigroup Inc QQQ 147,793 9,654 2.0 0.8 14.7 0.1 -2.2 11.3 1.4

Bank Of China Ltd. 129,803 148,670 2.1 0.9 5.6 6.1 13.5 51.2 1.8

Bank Of China Ltd. 127,961 148,670 2.1 0.9 5.5 5.2 13.5 51.2 1.8

Commonwealth Bank of Australia 108,708 7,677 5.0 2.6 15.6 5.2 10.4 94.6 1.5

Westpac Banking Corp QQQ 95,532 6,307 5.5 2.3 15.9 5.7 12.1 48.4 1.4

Royal Bank Of Canada QQ 93,007 8,124 3.5 2.3 11.9 3.8 4.0 26.5 2.2

Mitsubishi UFJ Financial Group, Inc. 91,455 1,141,494 2.3 0.8 7.5 2.0 -0.6 27.0 3.5Mitsubishi UFJ Financial Group, Inc. QQQ 90,181 1,141,494 2.2 0.7 7.4 2.2 -0.6 27.0 3.5

Banco Santander SA QQQ 89,827 2,711 1.3 0.9 18.5 7.4 11.7 10.0 1.1

Banco Santander SA 89,503 2,711 1.3 0.9 18.4 2.8 11.7 10.0 1.1

Toronto-Dominion Bank QQQ 81,987 6,533 3.6 1.8 12.8 3.5 9.7 29.5 2.0

UBS AG QQQ 79,853 -2,407 2.5 1.5 0.8 -8.8 -6.9 0.8

Australia and New Zealand Banking Group Limited 79,785 5,682 4.9 2.0 15.3 5.4 8.8 90.8 1.4

Australia and New Zealand Banking Group Limited 79,566 5,682 4.9 2.0 15.2 5.4 8.8 90.8 1.4

National Australia Bank Limited 76,409 4,550 3.0 1.8 18.2 5.8 2.6 1.3

Bank of Nova Scotia QQQ 69,250 6,249 3.4 1.8 11.0 4.1 9.8 38.5 2.1

Sumitomo Mitsui Financial Group Inc 66,590 743,408 2.2 1.0 7.5 2.2 -5.3 38.5 3.8

Sumitomo Mitsui Financial Group Inc 66,385 743,408 2.2 1.0 7.5 1.2 -5.3 38.5 3.8

Banco Bilbao Vizcaya Argentaria SA QQQ 63,095 3,047 1.7 1.0 14.0 3.8 4.9 21.4 1.1

Bank Of Communications Co., Ltd. 57,479 62,111 2.2 0.9 5.5 4.3 18.8 47.7 1.6Barclays PLC QQQ 56,038 -518 1.2 0.7 120.5 2.3 1.9 12.8 1.0

Barclays PLC 55,973 -518 1.2 0.7 119.0 2.0 1.9 12.8 1.0

Credit Suisse Group QQQ 49,844 2,865 1.5 1.1 13.9 0.3 -9.4 13.2 1.1

Bank of Montreal QQQ 43,155 4,172 2.8 1.6 10.6 4.3 11.5 28.6 2.1

Royal Bank of Scotland Group (The) PLC QQQ 36,835 -3,016 2.0 0.3 -9.2 -8.4 0.3

Canadian Imperial Bank of Commerce QQQ 32,004 3,410 2.6 2.1 9.7 4.6 0.8 30.6 1.9

Malayan Banking Berhad 25,656 6,033 4.7 1.8 13.3 6.0 46.8 2.2

ICICI Bank Ltd QQQQ 18,066 96,495 2.3 16.1 11.1 2.1 6.0 17.0 1.4

National Bank of Canada 13,493 1,494 2.7 1.9 9.7 4.0 9.2 30.9 2.1

Julius Baer Gruppe AG 2,065 249 0.9 0.4 7.3 1.1 -12.8 24.2 4.7

EFG International 2,031 142 2.2 1.7 12.5 0.8 -2.1 13.4 1.7

EFG International 2,007 142 2.2 1.7 12.3 0.7 -2.1 13.4 1.7

Blom Bank S.A.L. 1,741 339 2.4 0.8 5.2 5.2 60.0 1.5National Bank of Greece QQQ 500 -299 0.2 0.0 -8.7 4.6 0.1

National Bank of Greece 493 -299 0.2 0.0 -8.7 4.6 0.1

CNB Corp 73 1 2.0 0.8 52.9 18.0 1.2

Merchants & Marine Bancorp Inc 50 4 2.0 0.9 12.4 26.8 2.8

Harris Exploration, Inc. 1

Star Financial Group Inc

T.W. Christian, Inc. -5 0.3 -0.0 -201427.4

Ledyard Financial Group, Inc. 2.8

Mercersburg Financial Corp 1.6

Kotak Mahindra Bank Ltd. 23,724 11.1 25.7 1.4



Page 4 of

8/13/2019 201310021346443330368_JPM

6/37



Industry PeersGreater Hudson Bank,

Commonwealth Bank of Australia 7,677 10.4 94.6 1.5

CapStone Bank (Raleigh, NC)

Alior Bank S.A.Jyske Bank AS 1,706 1.4 19.3 1.5

Bancorp Southern Indiana 1.8

Housing Bank for Trade & Finance 94 53.4 2.4

Industry Average 80,055 100,807 2.1 1.1 14.1 2.8 4.5 -4079.7 1.9



Page 5 of

8/13/2019 201310021346443330368_JPM

7/37


Analysis

Analyst Note| 19 Aug 2013 | Jim Sinegal, Director

Various news sources reported this weekend on

regulatory issues at JPMorgan Chase JPM, includ-

ing the company's August 7 disclosure that addi-

tional losses related to legal proceedings could ex-

ceed current reserves by up to $6.8 billion. We

don't think any of the latest issues, including alleg-

ations of questionable Chinese hiring practices

and securities law violations, will materially af-

fect our fair value estimate. We note that each ad-

ditional $1 billion in one-time payouts or nonrecur-

ring litigation costs represents a roughly $0.25 per

share loss of value to shareholders.

However, we don't think JPMorgan Chase or itslarge global peers will be free of regulatory scru-

tiny and related costs for quite some time. The

bank had briefly served as a counterexample to

those who claimed that the global systemically im-

portant institutions were "too big to manage." Un-

fortunately, JPMorgan's tribulations, beginning

with the "London Whale" trading losses and con-

tinuing into criminal investigations, now support

the assertion. We expect higher compliance costs

and consequently reduced profitability for the fore-

seeable future, and we don't discount the possibil-

ity that harsher measures may eventually be takento rein in the activities of massive financial institu-

tions. 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 com-

pany's bargain acquisitions of Washington Mutual

and Bear Stearns, the firm's judicious use of buy-

backs, 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, man-

agement has clearly made some major mistakes

during this time, and we will continue to monitor

legal developments and our stewardship rating.

Investment Thesis| 06 Mar 2013 | Jim Sinegal,

DirectorJamie 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 Washing-

ton Mutual's retail banking operations and Bear

Stearns' investment bank to its already wide-ran-

ging lines of business. In our view, much of J.P.

Morgan Chase's outperformance was due to com-

mon-sense risk management. For example, the

bank carried far more tangible capital than Citig-

roup C in early 2008, providing a much larger buf-

fer 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 im-

mense size endows the firm with certain advant-

ages, but also subjects it to risks above and bey-

ond those facing smaller regional banks. J.P. Mor-

gan Chase's scale allows it to provide an impress-

ive 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 corpor-

ate 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 regulat-ors, but we think the firm is well positioned to deal

with new rules since most of its major competit-

ors are facing the same scrutiny. As a global sys-

temically important financial institution, J.P. Mor-

gan 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. M

gan is generating capital internally and the co

pany's ability to adjust risk-weighted assets, w

don't expect meeting the requirements will be

problem. It's possible that smaller banks with le

onerous capital requirements may win some bu

ness, but such firms generally will not have t

same capabilities as J.P. Morgan Chase and

global peers, most of which will be subject to t

same stringent regulation. In fact, regulati

could actually benefit the firm in several ways. A

global capital requirements are increasingly stan

ardized, J.P. Morgan Chase might face less co

petition from peers carrying far less equity. I

also possible that counterparty risk could be d

matically reduced over the next few years as moderivatives are centrally cleared. Pricing transpa

ency is likely to increase trading volume but d

crease the profitability of individual derivativ

transactions, much as has happened with oth

financial products over the years. Already, nea

half of J.P. Morgan Chase's derivative activity

centrally cleared, limiting the risk of its large e

posures. The company was also a leader in ce

ralizing the management of credit risk in the pa

decade, while some competitors have taken th

step only recently--more evidence, in our view,

the relatively simple principles that have resultin the bank's outperformance during the past se

eral years. Netting agreements and internal expo

ure limits also dramatically reduce the risk of d

fault by a single counterparty. Banking is in ma

ways a cyclical business, however. To achieve

full earnings potential, J.P. Morgan Chase w

need some help from the economy. The low lev

of interest rates is continuing to pressure margi

with each passing quarter as assets reprice a

also reducing the value of the company's low-co

deposit base. In addition, J.P. Morgan Chase

suffering from elevated costs related to the mo

gage market, as it processes foreclosures and pa

for its past misdeeds in court. Finally, the fi

faces a massive balance sheet headwind as t

United States reduces debt after many years of d

mestic credit expansion.



Page 6 of

8/13/2019 201310021346443330368_JPM

8/37


Analysis

Economic MoatTM| 06 Mar 2013

J.P. Morgan's immense scale and the resulting

cost advantages, supported by a conservative cul-

ture, endow the firm with a narrow economicmoat. The firm's scale enables it to spread operat-

ing 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 as-

sumptions as we incorporate the information re-

leased in the company's most recent annual re-

port. Our fair value estimate represents 1.0 times

reported book value as of Dec. 31, 1.4 times tan-

gible 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 mod-

est level of operating leverage in financial ser-

vices businesses.

Risk| 06 Mar 2013

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-

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 derivat-

ives business. It's possible, though unlikely, that

large, systemically important institutions eventu-

ally could be broken up. At the same time, reven-

ue could suffer from the combined effects of a

low, flat yield curve, minimal economic growth,

and weak loan demand. Trading, investment bank-

ing, 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

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 de-

cisions as exemplary relative to peers. The bank

avoided a large portion of the problems affecting

its peers during the financial crisis, limiting its ex-

posure to subprime loans and questionable mort-

gage-related securities. The company also re-

mained relatively well capitalized, beginning in

2008 with over 50% more tangible common equity

than Citigroup. The emphasis on capital and con-

servatism enabled J.P. Morgan to acquire the op-

erations of Bear Stearns and Washington Mutual

as the crisis deepened. We're also impressed by

Dimon's tendency to underpromise and overdeliv-

er--this undoubtedly has bolstered the firm's posi-

tion 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 philo-

sophy espoused by Dimon may not fully penetrate

the entire company. Recent management chang

may also be cause for concern. Furthermore, t

size and complexity of the bank's operations ma

it difficult for even the best managers to keep ta

on all the risks developing within the organizatio

Bulls Say

J.P. Morgan Chase achieved a reasonable level

profitability in recent years, despite a number

headwinds. Earnings could improve substantia

from current levels once the firm is truly firing

all cylinders.

J.P. Morgan Chase did a remarkable job limiti

its losses during the financial crisis. Its perform

ance under current leadership should give vestors confidence in the firm's risk-manageme

practices, despite the complexity of the busine

J.P. Morgan appears inclined to aggressively b

back shares with excess capital--a potent

source of considerable value creation dependi

on the stock price at the time of repurchases.

Bears Say

As a systemically important firm, J.P. Morgan

likely to remain under the regulatory microsco

for years to come.

It's difficult to quantify potential exposures (

alone losses) created by the firm's derivativ

activities, as evidenced by the "London Wha

trades.

Future CEOs may not be as talented as Jamie D

mon, and few managers globally have proved ca

able of running such a large, complex financial

stitution.

Overview

J.P. Morgan Chase is one of the largest financ

institutions in the United States, with more thUSD 2 trillion in assets and operations in dozens

countries. The company is organized into six bu

ness segments: investment banking, commerc

banking, Treasury and securities services, ass

management, retail financial services, and cre

card businesses. J.P. Morgan Chase is a maj



Page 7 of

8/13/2019 201310021346443330368_JPM

9/37


Analysis

player in the derivatives markets.

Competitors

Name Price % Chg TTM Sales

$ mil

JPMorgan Chase & Co $52.11 0.29] 99,132

Industrial AndCommercial Bank OfChina Ltd. ADR

$14.10 0.64] 93,118

Wells Fargo & Co $41.17 -0.77 [ 85,798

HSBC Holdings PLCADR

$54.41 -0.46 [ 82,885

HSBC Holdings PLC $10.79 -0.46 [ 82,885

China ConstructionBank Corp ADR

$15.51 -0.17 [ 79,246

Analyst

Price 10-02-2013 52.11 BASE

Fair Value Estimate 53.00 BASE

Uncertainty HighConsider Buy 31.80 BASE

Consider Sell 82.15 BASE

Economic Moat Narrow

Stewardship Rating Exemplary

Quantitative

Price 10-02-2013 52.26 BASE

Quantitative Fair Value 53.71 BASE

Quantitative Uncertainty Low

Quantitative Moat Narrow

As of 10/01/2013



Page 8 of

8/13/2019 201310021346443330368_JPM

10/37


Insiders

Total Executive Compensation

137.85 mil

61.78 mil

114.28 mil

84.67 mil 77.61 mil

51.00

102.00

153.00

2008 2009 2010 2011 2012

Stock Price

30.00

60.00

2008 2009 2010 2011 2012

Total Return

0

25.0

2008 2009 2010 2011 2012

Revenue

-1.00

0.00

2008 2009 2010 2011 2012

Return of Equity

-1.00

0.00

2008 2009 2010 2011 2012

Net Income

-1.00

0.00

2008 2009 2010 2011 2012

2012 Executive Compensation

Total Compensation $77,614,9

1-Year % Change 8.33 %

Compensation vs. Performance 1-Year % Cha

CEO Compensation -18.99

Stock Return 35.7

Revenue -0.2

Return on Equity 5

Net Income 12.16



Page 9 of

8/13/2019 201310021346443330368_JPM

11/37


Insiders

Key Executive Compensation

Key Executive Compensation 2008 2009 2010 2011 2

Salary 1,000,000 1,300,000 1,866,666 2,866,667 4,501,6

Bonus 0 3,035,000 13,440,000 12,100,000 21,250,0

Annual Other Income 0 0 0 0Restricted Stock Award 14,500,000 3,200,000 22,710,300 24,660,000 39,557,4

Securities Options 19,868,000 3,883,000 8,280,300 10,042,300 9,960,0

LTIP Payout 0 0 0 0

Non-Equity Compensation 0 0 0 0

Other Compensation 348,101 265,708 579,624 143,277 427,7

Total 35,764,557 11,775,715 48,377,612 51,536,159 77,614,9

James S. Dimon / Chairman of the Board and Chief Executive Officer 2008 2009 2010 2011 2

Salary 1,000,000 1,000,000 1,000,000 1,416,667 1,500,0

Bonus 0 0 5,000,000 4,500,000

Annual Other Income 0 0 0 0

Restricted Stock Award 14,500,000 0 7,952,400 12,000,000 12,000,0

Securities Options 19,868,000 0 6,244,300 5,000,000 5,000,0LTIP Payout 0 0 0 0

Non-Equity Compensation 0 0 0 0

Other Compensation 348,101 265,708 579,624 143,277 170,0

Total 35,764,557 1,322,094 20,816,289 23,105,415 18,717,0

Daniel Pinto / Co-Chief Executive Officer, Corporate & Investment

Bank

2008 2009 2010 2011 2

Salary 751,6

Bonus 8,125,0

Annual Other Income

Restricted Stock Award 7,145,4

Securities Options 730,0

LTIP Payout

Non-Equity CompensationOther Compensation 257,7

Total 17,009,7

Mary Callahan Erdoes / Chief Executive Officer, Asset Management 2008 2009 2010 2011 2

Salary 300,000 483,333 729,167 750,0

Bonus 3,035,000 4,600,000 4,700,000 4,900,0

Annual Other Income 0 0 0

Restricted Stock Award 3,200,000 4,677,900 6,900,000 7,050,0

Securities Options 3,883,000 1,101,900 3,025,400 2,000,0

LTIP Payout 0 0 0

Non-Equity Compensation 0 0 0

Other Compensation 0 0 0

Total 10,453,621 10,892,618 15,392,919 14,745,8



Page 10 of

8/13/2019 201310021346443330368_JPM

12/37


Insiders

Douglas Braunstein / Vice Chairman and Former Chief Financial

Officer

2008 2009 2010 2011 2

Salary 383,333 720,833 750,0

Bonus 3,840,000 2,900,000 2,125,0

Annual Other Income 0 0

Restricted Stock Award 10,080,000 5,760,000 4,350,0Securities Options 934,100 2,016,900 1,500,0

LTIP Payout 0 0

Non-Equity Compensation 0 0

Other Compensation 0 0

Total 16,668,705 13,037,825 10,537,9

Matthew E. Zames / Co-Chief Operating Officer 2008 2009 2010 2011 2

Salary 750,0

Bonus 6,100,0

Annual Other Income

Restricted Stock Award 9,012,0

Securities Options 730,0

LTIP PayoutNon-Equity Compensation

Other Compensation

Total 16,604,3

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 aboutcompensation 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 11 of

8/13/2019 201310021346443330368_JPM

13/37


Insiders

Weekly Insider Transactions

-2 mil

0

2 mil

4 mil

Oct Nov Dec 2013 Feb Mar A r Ma Jun Jul Au Se

Buy

Acquisition (Non-open Mkt)

Option Exercise

SellDisposition (Non-open Mkt)

Stock Price

30.00

60.00


Total Return

0

15.0


Revenue

-1.00

0.00


Return of Equity

-1.00

0.00


Net Income

-1.00

0.00




Page 12 of

8/13/2019 201310021346443330368_JPM

14/37


Insiders

Transaction History

Date * Name Title Transaction Shares Va

09/01/2013 Laban P. Jackson Independent Director Other Acquisition 15,000 375,0

08/08/2013 Mark W. O'Donovan Managing Director and Corporate Controller Sale at 54.91 per share. 3,434 188,5

08/08/2013 Michael J. Cavanagh Co-Chief Executive Officer of the Corporate and Investment Bank Exercise 80,000 1,559,208/08/2013 Michael J. Cavanagh Co-Chief Executive Officer of the Corporate and Investment Bank Disposition 55,004 3,021,2

08/02/2013 Gordon A. Smith Chief Executive Officer of Consumer and Community Banking Exercise 500,000 25,295,0

08/02/2013 Gordon A. Smith Chief Executive Officer of Consumer and Community Banking Exercise 80,000 1,559,2

08/02/2013 Gordon A. Smith Chief Executive Officer of Consumer and Community Banking Disposition 530,542 29,850,9

08/01/2013 Mark W. O'Donovan Managing Director and Corporate Controller Disposition 36,566 2,065,6

08/01/2013 Mark W. O'Donovan Managing Director and Corporate Controller Exercise 25,000 1,169,7

08/01/2013 Mark W. O'Donovan Managing Director and Corporate Controller Exercise 15,000 686,8

07/25/2013 Daniel Pinto Co-Chief Executive Officer of the Corporate and Investment Bankand Chief Executive Officer of Europe, the Middle East andAfrica

Exercise 58,155

07/25/2013 Daniel Pinto Co-Chief Executive Officer of the Corporate and Investment Bankand Chief Executive Officer of Europe, the Middle East andAfrica

Disposition 27,333 1,535,9

07/23/2013 Marianne Lake Executive Vice President and Chief Financial Officer Disposition 165,642 9,389,0

07/23/2013 Marianne Lake Executive Vice President and Chief Financial Officer Exercise 25,000 1,169,7


07/23/2013 Marianne Lake Executive Vice President and Chief Financial Officer Exercise 40,000 779,6




07/23/2013 Matthew E. Zames Chief Operat ing Off icer and Head of Mortgage Banking CapitalMarkets

Sale at 56.644 per share. 3,412 193,2

07/19/2013 Mary Callahan Erdoes Chief Executive Officer of Asset Management Sale at 56.314 per share. 29,000 1,633,1

07/17/2013 John James Hogan Chief Risk Officer Sale at 55.12 per share. 18,934 1,043,6

07/16/2013 Marianne Lake Executive Vice President and Chief Financial Officer Disposition 8,049 443,4

07/16/2013 Marianne Lake Executive Vice President and Chief Financial Officer Sale at 55.132 per share. 8,940 492,8


* Date represents the date on which the insider initiated the transaction



Page 13 of

8/13/2019 201310021346443330368_JPM

15/37


Insiders

Holding Summary

Name Title Total Shares Held TTM Change % Shares Outstanding % Market Va

All Key Insiders 4,533,050 -7.36% 0.11% 234,313,3

James S. Dimon Chairman of the Board, President and Chief ExecutiveOfficer 1,928,064 -32.73 0.05% 99,661,6Daniel Pinto Co-Chief Executive Officer of the Corporate and

Investment Bank and Chief Executive Officer ofEurope, the Middle East and Africa

347,998 0 0.01% 17,988,0

Michael J. Cavanagh Co-Chief Executive Officer of the Corporate andInvestment Bank

287,771 4.73 0.01% 14,874,8

James S. Crown Independent Director 259,977 3.95 0.01% 13,438,2

Mary Callahan Erdoes Chief Executive Officer of Asset Management 246,735 60.98 0.01% 12,753,7

Gordon A. Smith Chief Executive Officer of Consumer and Communi tyBanking

235,147 38.97 0.01% 12,154,7

Matthew E. Zames Chief Operating Officer and Head of MortgageBanking Capital Markets

190,289 0 0.01% 9,836,0

Lee R Raymond Presiding Independent Director 181,578 6.39 0% 9,385,7

Douglas B. Petno Chief Executive Officer of Commercial Banking 124,572 -14.12 0% 6,439,1

John James Hogan Chief Risk Officer 103,082 6.96 0% 5,328,2

Stephen B Burke Independent Director 102,395 7.53 0% 5,292,8Linda B. Bammann Director 98,486 6.29 0% 5,090,7

Stephen M. Cutler General Counsel 92,509 6.46 0% 4,781,7

James E. Staley Chairman of the Board, Corporate and InvestmentBank

74,886 -78 0% 3,870,8

Crandall C. Bowles Independent Director 57,517 14.56 0% 2,973,0

William C Weldon Independent Director 57,452 12.83 0% 2,969,6

John L Donnelly Head of Human Resources 44,584 -15.24 0% 2,304,5

Shannon S. Warren Co-Chief Control Officer 44,087 0 0% 2,278,8

Marianne Lake Executive Vice President and Chief Financial Officer 29,016 0 0% 1,499,8

Timothy Patrick Flynn Independent Director 15,690 335.85 0% 811,0

James A. Bell Independent Director 8,669 81.56 0% 448,0

Mark W. O'donovan Managing Director and Corporate Controller 2,547 0 0% 131,6

Laban P. Jackson Independent Director 0 -100 0%

All Key Insiders 4,533,050 -7.36% 0.11% 234,313,3

* Based on JPM Last Close Price: 51.69 10/01/2013 4:00:00 PM EST.



Page 14 of

8/13/2019 201310021346443330368_JPM

16/37


Insiders

Key Executive

James S. Dimon, 57

Chairman of the Board, President and Chief Executive OfficerSince:2004

Mr. Dimon became Chairman of the Board on December 31, 2006, and has been Chief Executive Officer

and President since December 31, 2005. He had been President and Chief Operating Officer since

JPMorgan Chase's merger with Bank One Corporation in July 2004. At Bank One he had been Chairmanand 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 Busine

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 Pinto, 50

Co-Chief Executive Officer of the Corporate and InvestmentBank and Chief Executive Officer of Europe, the Middle Eastand Africa

Since:2011

Daniel E. Pinto, Co-Chief Executive Officer of the Corporate & Investment Bank since July 2012 and Chie

Executive Officer of Europe, the Middle East and Africa since June 2011. He had been head or co-head o

the Investment Bank Global Fixed Income business (now part of Corporate & Investment Bank) f rom

November 2009 until July 2012. He was Global Head of Emerging Markets from 2006 until 2009, and waalso responsible for the Global Credit Trading & Syndicate business from 2008 until 2009.

Michael J. Cavanagh, 46

Co-Chief Executive Officer of the Corporate and InvestmentBankSince:2004

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, 45

Chief Executive Officer of Asset ManagementSince:2009

Mary Callahan Erdoes, Chief Executive Officer of Asset Management since September 2009, prior to

which she had been Chief Executive Officer of Private Banking.

Gordon A. Smith, 54Chief Executive Officer of Consumer and Community BankingSince:2007

Gordon A. Smith, Chief Executive Officer of Consumer & Community Banking since December 2012 prior which he had been Co-Chief Executive Officer since July 2012. He had been Chief Executive Officer of

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, 42

Chief Operating Officer and Head of Mortgage Banking CapitalMarketsSince:2012

Matthew E. Zames, Co-Chief Operating Officer since July 2012 and head of Mortgage Banking Capital

Markets since January 2012. He had been Chief Investment Officer from May until September 2012 and

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 BankingSince: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 James Hogan, 46

Chief Risk OfficerSince:2006

John J. Hogan, Chief Risk Officer since January 2012. He had been Chief Risk Off icer of the Investment

Bank (now part of Corporate & Investment Bank) since 2006.



Page 15 of

8/13/2019 201310021346443330368_JPM

17/37


Insiders

Key Executive

Stephen M. Cutler, 51

General CounselSince: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 BankSince: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, 56

Head of Human ResourcesSince:2009

John L. Donnelly, Head of Human Resources since January 2009. Prior to joining JPMorgan Chase, he ha

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.

Shannon S. Warren, 41

Co-Chief Control OfficerSince:2005

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 Controlle

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 Off icer of the Firm.

Marianne Lake, 43

Executive Vice President and Chief Financial OfficerSince:2009

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 Chie

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 senio

financial officer roles.

Mark W. O'donovan, 42

Managing Director and Corporate ControllerSince:2007

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

2010 and the head of Corporate Regulatory Reporting from 2004 to 2007. Mr. O'Donovan, 42, joined

JPMorgan Chase in 1996.

Anthony J Horan,

Corporate SecretarySince:2009

Board of Directors

James S. Dimon, 57

Chairman of the Board, President and Chief Executive OfficerSince:2004

Mr. Dimon became Chairman of the Board on December 31, 2006, and has been Chief Executive Officer

and President since December 31, 2005. He had been President and Chief Operating Officer since

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 Busine



Page 16 of

8/13/2019 201310021346443330368_JPM

18/37


Insiders

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 DirectorSince: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 becam

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 previous

served as a director of Sara Lee Corporation (1998-2012). Mr. Crown graduated from Hampshire College

1976 and received his law degree from Stanford University Law School in 1980. Following law school, M

Crown joined Salomon Brothers Inc. and became a vice president of the Capital Markets Service Group i

1983. In 1985 he joined his family's investment firm. He is a Trustee of the University of Chicago Medica

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.

Lee R Raymond, 74

Presiding Independent DirectorSince:2001

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 th

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 o

UT Southwestern Medical Center, a member of the National Academy of Engineering and a member and

past Chairman of the National Petroleum Council.

Stephen B Burke, 54


Mr. Burke has been Chief Executive Officer of NBCUniversal, LLC and Executive Vice President of Comca

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 201

Before joining Comcast, he served with The Walt Disney Company as President of ABC Broadcasting. M

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 an

received an MBA from Harvard Business School in 1982. He is Chairman of The Children's Hospital of

Philadelphia.

Linda B. Bammann,

DirectorSince:2013

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 retiremen

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.



Page 17 of

8/13/2019 201310021346443330368_JPM

19/37


Insiders

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 Co-

Chairman 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 199

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 fro

Columbia University in 1973. She is a trustee of the Brookings Institution and is on the governing boards

the Packard Center at Johns Hopkins and The Wilderness Society.

William C Weldon, 64


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 fro

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 product

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 CVSCaremark 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 Quinnipia

University in 1971. Mr. Weldon is a member of the CEO Roundtable on Cancer, a director of the US-Chin

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.

Timothy Patrick Flynn, 56


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 15

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 Store

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

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 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

the World Economic Forum's International Business Counsel, and a founding member of The Prince of

Wales' International Integrated Reporting Committee.



Page 18 of

8/13/2019 201310021346443330368_JPM

20/37


Insiders

James A. Bell, 64


Mr. Bell was an Executive Vice President of The Boeing Company, the world's largest aerospace compan

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 busines

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

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 th

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.

Laban P. Jackson, 70Independent DirectorSince:2004

Mr. Jackson has been Chairman of Clear Creek Properties, Inc., a real estate development company, sinc1989. 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). M

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 aud

committees and helping to enhance trust in the financial markets.



Page 19 of

8/13/2019 201310021346443330368_JPM

21/37


Insiders

Audit Committee

Name Title

Laban P. Jackson Independent Director, Chairman Of Audit Committee

Crandall C. Bowles Independent Director, Chairman Of Public Responsibilities Committee And Member Of Audit CommitteeJames A. Bell Independent Director And Member Of Audit Committee

Compensation And Management Development Committee

Name Title

Lee R Raymond Presiding Independent Director, Chairman Of Compensation And Management Development Committee And MemberCorporate Governance And Nominating Committee

Stephen B Burke Independent Director, Member Of Compensation And Management Development Committee And Member Of CorporaGovernance And Nominating Committee

William C Weldon Independent Director, Chairman Of Corporate Governance And Nominating Committee And Member Of CompensationAnd Management Development Committee

Corporate Governance And Nominating Committee

Name Title

William C Weldon Independent Director, Chairman Of Corporate Governance And Nominating Committee And Member Of CompensationAnd Management Development Committee

Lee R Raymond Presiding Independent Director, Chairman Of Compensation And Management Development Committee And MemberCorporate Governance And Nominating Committee

Stephen B Burke Independent Director, Member Of Compensation And Management Development Committee And Member Of CorporaGovernance 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 Independent Director, Chairman Of Risk Policy Committee

Timothy Patrick Flynn Independent Director And Member Of Risk Policy Committee



Page 20 of

8/13/2019 201310021346443330368_JPM

22/37


Performance 1-Month Range 52-Week Range 5-Year Range % Below 52-Week High % Below 5-Year H50.06-53.93 38.83-56.93 14.96-56.93 8.47 8.47

Growth of 10,00009-30-2013

5k

10k

15k

20k

35k JPM

Banks - Global

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD History

58.71 9.91 5.23 25.12 -6.65 -24.28 33.84 2.28 -19.73 35.70 19.79 JPM

49.47 13.42 7.39 21.54 -19.93 -53.80 11.91 1.09 -26.83 36.56 16.41 Banks - Global

9.24 -3.51 -2.16 3.58 13.29 29.51 21.93 1.19 7.10 -0.86 3.38 +/- Banks - Global

3.70 3.49 3.43 2.82 3.30 4.82 1.27 0.47 2.41 2.62 Dividend Yield %

74,939 138,972 138,878 167,551 146,622 117,681 164,261 165,875 125,442 167,256 194,571 Market Cap USD Mil

Trailing Total Returns (Daily)

0.00

10.00

20.00

30.00

40.00JPM

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 3.26 2.83 -0.29 20.40 29.95 12.28 2.44 5.94 6.44 JPM

0.73 0.13 5.11 8.39 16.41 35.11 6.82 -4.82 -1.80 3.95 Banks - Global

0.81 -0.10 3.97 5.51 20.76 19.98 16.41 10.29 7.41 5.60 S&P 500 TR USD

-0.21 3.13 -2.28 -8.67 3.99 -5.17 5.47 7.27 7.74 2.50 +/- Banks - Global)

-0.28 3.36 -1.14 -5.80 -0.36 9.97 -4.12 -7.85 -1.47 0.84 +/- S&P 500 TR USD

Trailing Total Returns (Month-End)

0.00

10.00

20.00

30.00

40.00 JPM

Banks - Global

S&P 500 TR USD

1-Month 3-Month 6-Month YTD 1-Year 3-Year 5-Year 10-Year 15-Year Total Ret %2013-09-30

2.30 -1.36 10.35 19.79 30.85 12.83 3.60 6.21 6.01 JPM

5.11 8.39 11.61 16.41 35.11 6.82 -4.82 -1.80 3.95 Banks - Global3.14 5.24 8.31 19.79 19.34 16.27 10.02 7.57 5.33 S&P 500 TR USD

-2.81 -9.75 -1.27 3.38 -4.26 6.01 8.42 8.01 2.06 +/- Banks - Global)

-0.84 -6.61 2.04 -0.01 11.51 -3.43 -6.42 -1.35 0.68 +/- S&P 500 TR USD



Page 21 of

8/13/2019 201310021346443330368_JPM

23/37


Performance 1-Month Range 52-Week Range 5-Year Range % Below 52-Week High % Below 5-Year H50.06-53.93 38.83-56.93 14.96-56.93 8.47 8.47

Trailing Total Returns (Quarter-End)

0.00

10.00

20.00

30.00

40.00 JPM

Banks - Global

S&P 500 TR USD

1-Month 3-Month 6-Month YTD 1-Year 3-Year 5-Year 10-Year 15-Year Total Ret %2013-09-30

2.30 -1.36 10.35 19.79 30.85 12.83 3.60 6.21 6.01 JPM

5.11 8.39 11.61 16.41 35.11 6.82 -4.82 -1.80 3.95 Banks - Global

3.14 5.24 8.31 19.79 19.34 16.27 10.02 7.57 5.33 S&P 500 TR USD

-2.81 -9.75 -1.27 3.38 -4.26 6.01 8.42 8.01 2.06 +/- Banks - Global)

-0.84 -6.61 2.04 -0.01 11.51 -3.43 -6.42 -1.35 0.68 +/- S&P 500 TR USD

Historical Prices 5-Day

Date Open High Low Close Volume

2013-10-01 51.64 52.09 51.45 51.96 19.19 Mil

2013-09-30 51.73 52.09 51.44 51.69 21.35 Mil

2013-09-27 51.50 52.40 51.39 52.24 23.03 Mil

2013-09-26 51.93 52.56 51.54 51.89 22.31 Mil

2013-09-25 50.22 51.90 50.06 51.70 39.18 Mil

Five Year Dividend History

Annual Dividends 12-2008 12-2009 12-2010 12-2011 12-2012

Dividend Amount 1.52 0.53 0.20 0.80 1.15

Year-end Yield % 4.82 1.27 0.47 2.41 2.62

*Dividend Amount is calculated using the ex-dividend date

Dividend History Ex-Dividend Date Declaration Date Record Date Payable Date $ Amount

2013 2013-07-02 2013-03-15 2013-07-05 2013-07-31 USD 0.38

2013-04-03 2013-03-19 2013-04-05 2013-04-30 USD 0.30

2013-01-02 2012-12-11 2013-01-04 2013-01-31 USD 0.30

2012 2012-10-03 2012-09-19 2012-10-05 2012-10-31 USD 0.30

2012-07-03 2012-05-16 2012-07-06 2012-07-31 USD 0.30

2012-04-03 2012-03-14 2012-04-05 2012-04-30 USD 0.30

2012-01-04 2011-12-14 2012-01-06 2012-01-31 USD 0.25

2011 2011-10-04 2011-09-21 2011-10-06 2011-10-31 USD 0.25

2011-07-01 2011-05-18 2011-07-06 2011-07-31 USD 0.25

2011-04-04 2011-03-19 2011-04-06 2011-04-30 USD 0.25

2011-01-04 2010-12-15 2011-01-06 2011-01-31 USD 0.05

2010 2010-10-04 2010-09-22 2010-10-06 2010-10-31 USD 0.052010-07-01 2010-05-19 2010-07-06 2010-07-31 USD 0.05

2010-04-01 2010-03-17 2010-04-06 2010-04-30 USD 0.05

2010-01-04 2009-12-09 2010-01-06 2010-01-31 USD 0.05

2009 2009-10-02 2009-09-16 2009-10-06 2009-10-31 USD 0.05

2009-07-01 2009-05-20 2009-07-06 2009-07-31 USD 0.05

2009-04-02 2009-02-24 2009-04-06 2009-04-30 USD 0.05

2009-01-02 2008-12-10 2009-01-06 2009-01-31 USD 0.38

2008 2008-10-02 2008-09-17 2008-10-06 2008-10-31 USD 0.38

Split History

Date Ra

2000-06-12

1998-06-15

1984-04-16

1982-04-16

Upcoming Dividends

Ex-Dividend Date 2013-10

Declaration Date 2013-09

Record Date 2013-10

Payable Date 2013-10

$ Amount USD 0

Dividends in unless otherwise noted



Page 22 of

8/13/2019 201310021346443330368_JPM

24/37


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 T

Loans and Leases 11,276 16,771 26,062 33,121 36,660 38,347 38,704 40,388 37,098 35,832 34,6

Deposits with banks 214 539 680 1,265 1,418 1,916 938 345 599 555 6

Federal funds sold 1,497 1,627 4,125 5,578 6,497 5,983 1,750 1,786 2,523 2,442 2,1

Securities 3,865 3,840 4,283 7,549 9,771 8,641 12,381 9,715 9,325 7,936 7,1

Trading assets 6,592 7,527 9,117 10,942 17,041 17,236 12,098 11,007 11,142 9,039 8,8

Other assets 291 933 652 895 479 541 606 259 3

Total interest income 23,444 30,595 45,200 59,107 71,387 73,018 66,350 63,782 61,293 56,063 53,8

Deposits 3,604 4,600 10,295 17,042 21,653 14,546 4,826 3,424 3,855 2,655 2,2

Short-term borrowing 5,899 6,290 9,542 14,086 16,142 10,933 3,845 2,708 2,873 1,788 1,9

Long-term debt 1,498 2,466 4,160 5,503 6,606 8,355 6,309 5,504 6,109 6,062 5,3

Other expense 106 478 1,372 1,234 580 405 218 1,145 767 648 5

Total interest expense 11,107 13,834 25,369 37,865 44,981 34,239 15,198 12,781 13,604 11,153 10,1

Net interest income 12,337 16,761 19,831 21,242 26,406 38,779 51,152 51,001 47,689 44,910 43,7

Commissions and fees 14,434 20,020 25,675 28,217 33,958 35,443 30,373 29,600 29,431 34,409 34,1

Principal transactions 9,796 10,894 10,005 5,536 10,7Lending and deposit-related fees 1,146 2,672 3,389 3,468 3,938 5,088

Securities gains (losses) 1,446 1,874 473 9,803 9,179 (9,139) 1,110 2,965 1,593 2,110 1,1

Credit card income 7,110 5,891 6,158 5,658 5,8

Other income 3,893 1,770 5,165 (1,293) (2,109) (2,919) 893 2,343 2,358 4,408 3,4

Total noninterest revenue 20,919 26,336 34,702 40,195 44,966 28,473 49,282 51,693 49,545 52,121 55,3

Total net revenue 33,256 43,097 54,533 61,437 71,372 67,252 100,434 102,694 97,234 97,031 99,1

Provisions for credit losses 1,540 2,544 3,483 3,270 6,864 20,979 32,015 16,639 7,574 3,385 3,1

Compensation and benefits 11,695 14,506 18,255 21,191 22,689 22,746 26,928 28,124 29,037 30,585 30,9

Occupancy expense 3,666 3,681 3,895 3,925 3,6

Tech, communication and equipment 4,624 4,684 4,947 5,224 5,3

Professional and outside services 6,232 6,767 7,482 7,429 7,4

Advertising and marketing 1,777 2,446 3,143 2,577 2,4

Amortization of intangibles 1,050 936 848 957 8Merger, acquisition and restructuring 1,365 722 305 209 432 481

Other special charges 100 3,700

Other expenses 9,893 14,788 19,858 16,785 18,805 20,322 7,594 14,558 13,559 14,032 11,9

Total noninterest expenses 21,688 34,359 38,835 38,281 41,703 43,500 52,352 61,196 62,911 64,729 62,7

Income (loss) from cont ops before taxes 10,028 6,194 12,215 19,886 22,805 2,773 16,067 24,859 26,749 28,917 33,3

Provision (benefit) for taxes 3,309 1,728 3,732 6,237 7,440 (926) 4,415 7,489 7,773 7,633 8,8

Income from discontinued ops 795

Extraordinary items 1,906 76

Net income 6,719 4,466 8,483 14,444 15,365 5,605 11,728 17,370 18,976 21,284 24,4

Preferred dividend 51 52 13 4 1,327 1,606 1,408 1,407 1,5

Net income available to common shareholders 6,668 4,414 8,470 14,440 15,365 5,605 10,401 15,764 17,568 19,877 22,8

Earnings per shareBasic 3.32 1.59 2.43 4.16 4.51 1.41 2.27 3.98 4.50 5.22 6

Diluted 3.24 1.55 2.38 4.04 4.38 1.37 2.26 3.96 4.48 5.20 5

Weighted average shares outstanding

Basic 2,009 2,780 3,492 3,470 3,404 3,501 3,863 3,956 3,900 3,809 3,8

Diluted 2,055 2,851 3,557 3,574 3,508 3,605 3,880 3,977 3,920 3,822 3,8

EBITDA 13,129 10,029 16,533 23,463 26,626 7,179 19,900 29,824 31,854 34,064 38,4

Fiscal year ends in DecemberUSD in Million except per share data



Page 23 of

8/13/2019 201310021346443330368_JPM

25/37


Financials

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 T

Net income 6,719 4,466 8,483 14,444 15,365 5,605 11,728 17,370 18,976 21,284 24,4

Provision for credit losses 1,540 2,544 3,483 3,270 6,864 20,979 32,015 16,639 7,574 3,385 3,1

Depreciation & amortization 3,101 3,835 4,318 3,577 3,821 4,406 3,833 4,965 5,105 5,147 5,1

Deferred tax (benefit) expense 1,428 (827) (1,791) (1,810) 1,307 (2,637) (3,622) (968) 1,693 1,130 1,8

Investments (gains) losses (1,104) 1,336 543 (164) (1,560) (1,110) (2,965) (1,593) (2,110) (1,1

Stock based compensation 3,355 3,251 2,675 2,545 2,3

Receivable (6,312) 443 8,655 1,732 (11,7

Payables 17,325 35,203 (13,069) 3,9

Other assets and liabilities 3,173 (30,457) (38,857) (73,313) (149,071) 5,880 64,358 (69,116) 9,956 9,472 41,9

Other operating activities (1,360) (262) (1,199) 3,710 11,318 (9,575) 17,652 9,304 7,688 (4,437) (2,3

Net cash provided by operating activities 14,601 (21,805) (24,227) (49,579) (110,560) 23,098 121,897 (3,752) 95,932 25,079 67,3

Change in deposits with banks 74,829 41,625 (63,592) (36,595) (181,0

Change in federal funds sold 7,082 (26,957) (12,490) (60,821) 2,3

Sales/maturity of investments 326,286 179,731 113,988 169,487 164,532 168,761 243,424 220,200 165,965 201,024 175,3

Purchases of investments (301,854) (173,745) (81,749) (201,530) (122,507) (248,599) (346,372) (179,487) (202,309) (193,030) (175,0

Changes in loans, net 51,251 3,645 (58,365) (30,491) (17,0Acquisitions and dispositions (669) (1,039) 185 (70) 2,128 (97) (4,910) 102 88 (

Property, and equipments, net 17,622

Other investing activities (11,345) (29,062) (50,153) (67,769) (115,073) (226,258) (762) (114) (63) (4

Net cash used for investing activities 12,418 (23,076) (18,953) (99,627) (73,118) (286,346) 29,355 54,002 (170,752) (119,825) (196,1

Change in deposits 21,851 52,082 31,415 82,105 113,512 177,331 (107,700) (9,637) 203,420 67,250 72,1

Change in federal funds purchased 67,785 15,202 (63,116) 26,546 (2,6

Change in short-term borrowing (55,462) 2,722 756 48,905 (7,833) 15,250 (76,727) (6,869) 7,230 9,315 15,3

Long-term debt issued 17,195 25,344 43,721 56,721 136,553 81,593 51,324 55,181 54,844 86,271 121,0

Long-term debt repayment (8,316) (16,039) (26,883) (34,267) (49,410) (62,691) (55,713) (99,043) (82,078) (96,473) (86,3

Common stock issued 5,756

Preferred stock issued 1,234 3,6

Redemption of preferred stock (25,000) (352)

Repurchases of treasury stock (2,999)

Cash dividends paid (2,865) (3,927) (4,878) (4,846) (5,051) (5,911) (3,422) (1,486) (3,895) (5,194) (5,4

Other financing activities 1,346 (586) 938 4,131 (4,785) 44,934 (8,482) 786 (8,699) (1,242) (4,7

Net cash provided by (used for) financingactivities

(26,251) 59,596 45,069 152,749 182,986 250,506 (152,179) (49,217) 107,706 87,707 112,9

Effect of exchange rate changes 282 185 (387) 199 424 (507) 238 328 (851) 1,160 1

Net change in cash 1,050 14,900 1,502 3,742 (268) (13,249) (689) 1,361 32,035 (5,879) (15,6

Cash at beginning of period 19,218 20,268 35,168 36,670 40,412 40,144 26,895 26,206 27,567 59,602 44,8

Cash at end of period 20,268 35,168 36,670 40,412 40,144 26,895 26,206 27,567 59,602 53,723 29,2

Fiscal year ends in DecemberUSD in Million except per share data



Page 24 of

8/13/2019 201310021346443330368_JPM

26/37


Financials

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

Cash and due from banks 30,443 56,848 58,331 53,959 51,610 165,034 26,206 27,567 59,602 53,7

Deposits with banks 10,175 21,680 21,661 13,547 11,466 138,139 63,230 21,673 85,279 121,8

Federal funds sold 76,868 101,354 133,981 140,524 170,897 203,115 195,404 222,554 235,314 296,2

Securities borrowed 119,630 123,587 142,462 119,0

Trading assets 252,871 288,814 298,377 365,738 491,409 509,983 411,128 489,892 443,963 821,1

Debt securities 109,328 149,676 128,578 172,022 169,634 329,943 360,390 316,336 364,793

Loans 220,808 402,114 419,148 483,127 519,374 744,898 633,458 692,927 723,720 733,7

Allowance for loan losses (4,523) (7,320) (7,090) (7,279) (9,234) (23,164) (31,602) (32,266) (27,609) (21,9

Net loans 214,995 394,794 412,058 475,848 510,140 721,734 601,856 660,661 696,111 711,8

Receivables 12,356 53,131 52,161 22,891 24,823 60,987 67,427 70,147 61,478 60,9

Premises and equipment 6,487 9,145 9,081 8,735 9,319 10,045 11,118 13,355 14,041 14,5

Goodwill 48,357 48,854 48,188 48,1

Other intangible assets 14,991 57,887 58,180 60,038 60,001 63,011 20,152 17,688 10,430 9,8

Other assets 42,398 23,919 26,534 38,218 62,848 (26,939) 107,091 105,291 104,131 101,7

Total assets 770,912 1,157,248 1,198,942 1,351,520 1,562,147 2,175,052 2,031,989 2,117,605 2,265,792 2,359,1

Deposits 326,491 521,456 554,991 638,788 740,728 1,009,277 938,367 930,369 1,127,8

201310021346443330368_jpm

Documents