JPMorgan Chase & Co. 383 Madison Avenue, New York, NY 10179-0001 NYSE symbol: JPM www.jpmorganchase.com JPMORGAN CHASE REPORTS NET INCOME OF $9.1 BILLION, OR $2.68 PER SHARE, FOR THE THIRD QUARTER OF 2019 THIRD QUARTER 2019 RESULTS1 ROE 15% Common equity Tier 13 Net payout LTM4,5 ROTCE2 18% 12.3% 98% Reported revenue of $29.3 billion; managed revenue Jamie Dimon, Chairman and CEO, commented on the financial results: 2 Firmwide of $30.1 billion “JPMorgan Chase delivered record revenue this quarter, demonstrating Metrics Average total loans flat or up 3% excluding the broad-based strength and the resilience of our business model despite a impact of loan sales in Home Lending more challenging interest rate backdrop. In Consumer & Community Banking, we had strong deposit and client investment asset growth. Our consumer lending businesses benefited from our continued investments Average loans down 4%; Home Lending loans down and a favorable environment for borrowers, which helped drive healthy 12% impacted by loan sales; credit card loans up 8% volumes in Home Lending and Auto and strong loan growth in Card.” CCB Client investment assets up 13%; average deposits up 3% Dimon added: “We had record third quarter IB fees with particularly ROE 32% 6 strong performance in DCM and ECM, and year-to-date we maintained Credit card sales volume up 10%; merchant our #1 global ranking with share gains across products and regions. processing volume up 11% Markets performance was solid, reflecting improved client activity – particularly in Fixed Income. Commercial Banking turned in a solid Maintained #1 ranking for Global Investment performance with continued momentum in investment banking and CIB Banking fees with 9.3% wallet share YTD treasury services. And in Asset & Wealth Management, both AUM and client assets were a record helped by strong net inflows into long-term ROE 13% Total Markets revenue of $5.1 billion, up 14% and liquidity products.” Dimon concluded: “In the U.S. economy, GDP growth has slowed CB Gross Investment Banking revenue of $700 million, up 20% slightly. The consumer remains healthy with growth in wages and spending, combined with strong balance sheets and low unemployment ROE 16% Average client deposits of $173 billion, up 3% levels. This is being offset by weakening business sentiment and capital expenditures mostly driven by increasingly complex geopolitical risks, including tensions in global trade. Regardless of the operating AWM Average loan balances up 7% environment, JPMorgan Chase will continue to serve our customers, Assets under management (AUM) of $2.2 trillion, clients and communities globally, while investing in innovation, talent, ROE 24% technology, security and controls.” up 8% FORTRESS PRINCIPLES SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES Book value per share of $75.24, up 8%; tangible book value per share2 of $1.7 trillion of credit and capital7 raised YTD $60.48, up 9% $188 billion of credit for consumers Basel III common equity Tier 1 capital3 of $188 billion and ratio3 of 12.3% $25 billion of credit for U.S. small businesses Firm supplementary leverage ratio of 6.3% $630 billion of credit for corporations OPERATING LEVERAGE $785 billion of capital raised for corporate clients and non-U.S. 3Q19 reported expense of $16.4 billion; reported overhead ratio of 56%; government entities managed overhead ratio2 of 55% $53 billion of credit and capital raised for nonprofit and U.S. government CAPITAL DISTRIBUTED entities, including states, municipalities, hospitals and universities $9.6 billion5 distributed to shareholders in 3Q19 $6.7 billion of net repurchases and common dividend of $0.90 per share Investor Contact: Jason Scott (212) 270-2479 Media Contact: Joseph Evangelisti (212) 270-7438 1Percentage comparisons noted in the bullet points are for the third quarter of 2019 versus the prior-year third quarter, unless otherwise specified. 2For notes on non-GAAP financial measures, including managed basis reporting, see page 6. For additional notes see page 7. JPMorgan Chase & Co. News Release In the discussion below of Firmwide results of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), information is presented on a managed basis, which is a non-GAAP financial measure, unless otherwise specified. The discussion below of the Firm’s business segments is also presented on a managed basis. For more information about managed basis, and non-GAAP financial measures used by management to evaluate the performance of each line of business, refer to page 6. Comparisons noted in the sections below are for the third quarter of 2019 versus the prior-year third quarter, unless otherwise specified. JPMORGAN CHASE (JPM) Net revenue on a reported basis was $29.3 billion, $28.8 billion, and $27.3 billion for the third quarter of 2019, second quarter of 2019, and third quarter of 2018, respectively. Results for JPM 2Q19 3Q18 ($ millions, except per share data) 3Q19 2Q19 3Q18 $ O/(U) O/(U) % $ O/(U) O/(U) % Net revenue - managed $ 30,064 $ 29,566 $ 27,822 $ 498 2% $ 2,242 8% Noninterest expense 16,422 16,341 15,623 81 — 799 5 Provision for credit losses 1,514 1,149 948 365 32 566 60 Net income $ 9,080 $ 9,652 $ 8,380 $ (572) (6)% $ 700 8% Earnings per share $ 2.68 $ 2.82 $ 2.34 $ (0.14) (5)% $ 0.34 15% Return on common equity 15% 16% 14% Return on tangible common equity 18 20 17 Discussion of Results: Net income was $9.1 billion, up 8%. Net revenue was $30.1 billion, up 8%. Net interest income was $14.4 billion, up 2%, largely driven by continued balance sheet growth and mix, largely offset by the impact of rates. Noninterest revenue was $15.7 billion, up $1.9 billion or 14%, and included approximately $350 million of gains related to loan sales in Home Lending8. Excluding these gains, the increase in noninterest revenue was largely driven by results in Fixed Income Markets in the Corporate & Investment Bank as well as Home Lending and Auto in Consumer & Community Banking. Noninterest expense was $16.4 billion, up 5%, driven by higher volume- and revenue-related expenses and investments, including compensation and auto lease depreciation, partially offset by lower FDIC charges. The provision for credit losses was $1.5 billion, up $566 million, largely as a result of reserve releases and net recoveries in the prior year. 2 JPMorgan Chase & Co. News Release CONSUMER & COMMUNITY BANKING (CCB) Results for CCB 2Q19 3Q18 ($ millions) 3Q19 2Q19 3Q18 $ O/(U) O/(U) % $ O/(U) O/(U) % Net revenue $ 14,259 $ 13,833 $ 13,290 $ 426 3% $ 969 7% Consumer & Business Banking 6,688 6,797 6,385 (109) (2) 303 5 Home Lending8 1,465 1,118 1,306 347 31 159 12 Card, Merchant Services & Auto 6,106 5,918 5,599 188 3 507 9 Noninterest expense 7,290 7,162 6,982 128 2 308 4 Provision for credit losses 1,311 1,120 980 191 17 331 34 Net income $ 4,273 $ 4,174 $ 4,086 $ 99 2% $ 187 5% Discussion of Results: Net income was $4.3 billion, up 5%. Net revenue was $14.3 billion, up 7%. Consumer & Business Banking net revenue was $6.7 billion, up 5%, predominantly driven by higher net interest income as a result of growth in deposit balances and margin expansion, as well as higher noninterest revenue on higher transaction volumes. Home Lending net revenue was $1.5 billion, up 12%, predominantly driven by higher net production revenue, largely offset by lower net interest income on lower loan balances. Card, Merchant Services & Auto net revenue was $6.1 billion, up 9%, driven by higher Card net interest income on loan growth and margin expansion, and higher auto lease volumes. Noninterest expense was $7.3 billion, up 4%, predominantly driven by investments in the business including marketing and technology, as well as higher auto lease depreciation, partially offset by expense efficiencies and lower FDIC charges. The provision for credit losses was $1.3 billion, up $331 million, and included a $50 million net reserve build. In Card net charge- offs were higher, in line with expectations, and the current period included a reserve build of $200 million as newer vintages season and become a larger part of the portfolio, compared to a reserve build of $150 million in the prior year. In Home Lending the current period included a reserve release of $100 million compared to a reserve release of $250 million in the prior year, as well as lower net recoveries. In Business Banking the current period included a $50 million reserve release. 3 JPMorgan Chase & Co. News Release CORPORATE & INVESTMENT BANK (CIB) Results for CIB 2Q19 3Q18 ($ millions) 3Q19 2Q19 3Q18 $ O/(U) O/(U) % $ O/(U) O/(U) % Net revenue $ 9,338 $ 9,641 $ 8,805 $ (303) (3)% $ 533 6% Banking 3,301 3,248 3,245 53 2 56 2 Markets & Securities Services 6,037 6,393 5,560 (356) (6) 477 9 Noninterest expense 5,348 5,487 5,175 (139) (3) 173 3 Provision for credit losses 92 — (42) 92 NM 134 NM Net income $ 2,809 $ 2,935 $ 2,626 $ (126) (4)% $ 183 7% Discussion of Results: Net income was $2.8 billion, up 7%. Net revenue was $9.3 billion, up 6%. Banking revenue was $3.3 billion, up 2%. Investment Banking revenue was $1.9 billion, up 8%, driven by higher debt and equity underwriting fees, partially offset by lower advisory fees, and reflected wallet share gains across products. Treasury Services revenue was $1.1 billion, down 7%, with deposit margin compression partially offset by fee growth and higher balances. Lending revenue was $329 million, down 1%.