F I N A N C I A L R E S U LT S

FINANCIAL RESULTS

4Q17

January 12, 2018

4Q17 Financial highlights

Reported Excluding significant items1

ROTCE2 8%

ROTCE2 13%

Common equity Tier 13 12.1%

Common equity Tier 13 12.4%

Net payout LTM4 98%

Net payout LTM4 90%

4Q17 net income of $4.2B and EPS of $1.07; net income of $6.7B and EPS of $1.76 excluding the impact of significant items1 Managed revenue of $25.5B5 Adjusted expense of $14.8B6 and adjusted overhead ratio of 58%6

Fortress balance sheet Average core loans7 up 6% YoY and 2% QoQ Basel III Fully Phased-In CET1 capital of $184B3, Standardized CET1 ratio of 12.1%3 and Advanced CET1 ratio of 12.7%3

Delivered strong capital return $6.7B8 returned to shareholders in 4Q17, including $4.7B of net repurchases Common dividend of $0.56 per share

Significant items ($mm, excluding EPS)

4Q17 Impact of the enactment of the Tax Cuts and Jobs Act ("TCJA")9

Pretax ($145)

Net income ($2,446)

EPS ($0.69)

1 Significant items include the impact of the enactment of TCJA of $2,446mm after-tax in 4Q17 and a legal benefit of $406 million after-tax in 2Q17. See note 4 on slide 12 2 See note 2 on slide 12 3 Represents estimated common equity Tier 1 ("CET1") capital and ratio under the Basel III Fully Phased-In capital rules to which the Firm will be subject as of January 1, 2019. See note 7 on slide 12 4 Last twelve months ("LTM"). Net of stock issued to employees 5 See note 1 on slide 12 6 See note 3 on slide 12 7 See note 8 on slide 12 8 Net of stock issued to employees 9 Represents the estimated impact of the TCJA; the estimate may be refined in future periods as further information becomes available. See note 4 on slide 12

1

FINANCIAL RESULTS

Tax Cuts and Jobs Act ? impact to JPM financials

Impact to 4Q17 results1 ($B)

Managed results2

Capital

Revenue Tax expense/(benefit) Net income

Change in DTL on capital deductions Total impact to Capital CET1 ratio3

CIB

($0.3) (0.4) $0.1

CB Corporate Firmwide

$0.1

$ ?

($0.1)

?

2.7

2.3

$0.1

($2.7)

($2.4)

($1.1) ($3.6) ~(25) bps

Deemed repatriation:

($3.7)B

Deferred tax revaluation: $2.1B

Other4:

($0.8)B

Expect the effective tax rate to be ~19% in 2018 and ~20% in the near-term

Key questions and current expectations

Will JPM actually repatriate cash and if so how will it be used? No significant remittance of cash expected ? we have capital and liquidity requirements in foreign entities ? it is a deemed repatriation

Why does a reduction of 14% in the federal tax rate translate into a lower reduction in the JPM effective tax rate? Difference driven by the geographic mix of taxable income, nondeductibility of FDIC fees and the impact of a lower tax rate on other deductions

Do you anticipate JPM will be subject to the Base Erosion Antiabuse Tax ("BEAT")? Uncertain ? but we do not expect any material impact from BEAT

How and when do the tax benefits get competed away? Uncertain ? competitive dynamics will be different across businesses and products and will play out over time

Does the lower tax rate change JPM's capital distribution plan? Our capital hierarchy and strategy do not change ? 1H18 distributions based on 2017 CCAR

What will be the impact on JPM's businesses? IB fees ? positive for M&A and ECM, negative for DCM ? overall net positive Corporate Lending ? supportive to corporate loan demand over time Home Lending ? small negative (home price appreciation slightly lower) but de minimis overall impact to demand

What is JPM doing to share the benefit with its employees, customers and communities? In addition to programs already in place, we are planning a broad set of strategic and sustainable benefits for our employees, customers and communities

Expect tax reform to be a catalyst for economic activity and growth

Note: Totals may not sum due to rounding

1 Represents the estimated impact of the TCJA; the estimate may be refined in future periods as further information becomes available. See note 4 on slide 12

2 See note 1 on slide 12

3 Represents estimated common equity Tier 1 ("CET1") ratio under the Basel III Fully Phased-In capital rules to which the Firm will be subject as of January 1, 2019. See note 7 on slide 12

4 Revaluation of tax-oriented investments

2

FINANCIAL RESULTS

4Q17 Financial results1

$B, excluding EPS

Net interest income

Noninterest revenue

Managed revenue1 Expense Credit costs

$B Net charge-offs Reserve build/(release)

Credit costs

4Q17 $1.3 ?

$1.3

3Q17 $1.3 0.2

$1.5

4Q16 $1.3 (0.4)

$0.9

Reported net income

Net income applicable to common stockholders

Reported EPS

ROE2

4Q17

CCB

ROTCE2,3

CIB

Overhead ratio ? managed1,2

CB AWM

Memo: Adjusted expense 4

Memo: Adjusted overhead ratio 1,2,4

ROE

19% 12% 18% 28%

O/H ratio

55% 60% 39% 70%

4Q17 $13.4

12.1 25.5 14.6

1.3 $4.2 $3.8 $1.07

7% 8 57

$14.8 58%

Firmwide total credit reserves of $14.7B Consumer reserves of $9.5B ? net build of $16mm in 4Q17 Wholesale reserves of $5.2B ? net build of $28mm in 4Q17

Note: Totals may not sum due to rounding

1 See note 1 on slide 12

2 Actual numbers for all periods, not over/(under)

3 See note 2 on slide 12 4 See note 3 on slide 12

3

5 Significant items include the impact of the enactment of TCJA of $2,446mm after-tax in 4Q17. See note 4 on slide 12

$ O/(U)

3Q17 $0.2 (1.0) (0.8) 0.3 (0.1) ($2.5) ($2.5)

($0.69) 11% 13 55

4Q16 $1.3 (0.2) 1.1 0.8 0.4 ($2.5) ($2.5)

($0.64) 11% 14 57

$0.4 55%

$1.2 56%

4Q17 Ex-significant items5:

Net income: EPS: ROE: ROTCE:

$6.7B $1.76

11% 13%

FINANCIAL RESULTS

FY17 Financial results1

$B, excluding EPS

$ O/(U)

Net interest income

FY2017 $51.4

FY2016 $47.3

FY2016 $4.1

Noninterest revenue Managed revenue1 Expense Credit costs

Included contribution to the Foundation of $350mm

52.2 103.6

58.4 5.3

51.9 99.1 55.8

5.4

0.4 4.5 2.7 (0.1)

Reported net income

$24.4

$24.7

($0.3)

Net income applicable to common stockholders

$22.6

$22.8

($0.3)

Reported EPS ROE2 ROTCE2,3 Overhead ratio ? managed1,2

Memo: Adjusted expense 4 Memo: Adjusted overhead ratio 1,2,4

$6.31 10% 12 56

$58.5 57%

$6.19 10% 13 56

$56.1 57%

$0.12 $2.4

Net capital distributions of $22.3B5 including common dividends of $7.5B, or $2.12 per share, and net repurchases of $14.8B5

Average core loan growth of 8%6 Firmwide net reserve release of $97mm ? net build in Consumer of

FY17 Ex-significant items7:

Net income: EPS: ROE: ROTCE:

$26.5B $6.87 11% 13%

$325mm and net release in Wholesale of $422mm

Note: Totals may not sum due to rounding

1 See note 1 on slide 12

2 Actual numbers for all periods, not over/(under)

3 See note 2 on slide 12

4 See note 3 on slide 12

4

5 Net of stock issued to employees

6 See note 8 on slide 12

7 Significant items include the impact of the enactment of TCJA of $2,446mm after-tax in 4Q17 and a legal benefit of $406 million after-tax in 2Q17. See note 4 on slide 12

FINANCIAL RESULTS

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