JPMORGAN CHASE BANK, NATIONAL ASSOCIATION. (a wholly-owned subsidiary of JPMorgan Chase & Co.) CONSOLIDATED FINANCIAL STATEMENTS

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1 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (a wholly-owned subsidiary of JPMorgan Chase & Co.) CONSOLIDATED FINANCIAL STATEMENTS For the quarterly period ended June 30, 2009

2 TABLE OF CONTENTS For the quarterly period ended June 30, 2009 Page(s) Consolidated Financial Statements JPMorgan Chase Bank, National Association Consolidated Statements of Income (unaudited) for the three and six months ended June 30, 2009 and Consolidated Balance Sheets (unaudited) at June 30, 2009, and December 31, Consolidated Statements of Changes in Stockholder s Equity and Comprehensive Income (unaudited) for the six months ended June 30, 2009 and Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2009 and Notes to Consolidated Financial Statements (unaudited) Supplementary Information Selected Quarterly Financial Data (unaudited) Selected Annual Financial Data (unaudited) Glossary of Terms

3 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (a wholly-own subsidiary of JPMorgan Chase & Co.) CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three months ended June 30, Six months ended June 30, (in millions) Revenue Investment banking fees $ 1,057 $ 818 $ 1,796 $ 1,394 Principal transactions 1,931 1,779 5,035 4,254 Lending & deposit-related fees 1,765 1,103 3,448 2,134 Asset management, administration and commissions 2,270 2,503 4,405 5,034 Securities gains (a) Mortgage fees and related income ,270 1,217 Credit card income 1, ,067 1,664 Other income Noninterest revenue 9,434 8,329 20,190 16,701 Interest income 12,497 13,253 26,135 27,587 Interest expense 2,653 6,288 5,828 14,039 Net interest income 9,844 6,965 20,307 13,548 Total net revenue 19,278 15,294 40,497 30,249 Provision for credit losses 5,799 2,533 11,877 6,271 Noninterest expense Compensation expense 5,188 5,277 11,134 8,725 Occupancy expense ,598 1,179 Technology, communications and equipment expense 1, ,999 1,737 Professional & outside services 1, ,107 1,983 Marketing Other expense 2,880 2,039 5,018 3,638 Amortization of intangibles Merger costs Total noninterest expense 11,379 10,077 22,770 17,870 Income before income tax expense 2,100 2,684 5,850 6,108 Income tax expense ,891 1,878 Net income $ 1,456 $ 2,010 $ 3,959 $ 4,230 (a) Securities gains for the three and six months ended June 30, 2009, each included credit losses of $66 million, consisting of $676 million of gross unrealized losses, net of $610 million recognized in other comprehensive income. The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements. 3

4 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (a wholly-own subsidiary of JPMorgan Chase & Co.) CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, December 31, (in millions, except share data) Assets Cash and due from banks $ 24,279 $ 25,502 Deposits with banks 60, ,623 Federal funds sold and securities purchased under resale agreements (included $18,315 and $19,865 at fair value at June 30, 2009, and December 31, 2008, respectively) 193, ,716 Securities borrowed (included $3,360 and $3,381 at fair value at June 30, 2009, and December 31, 2008, respectively) 48,343 42,658 Trading assets (included assets pledged of $42,209 and $118,079 at June 30, 2009, and December 31, 2008, respectively) 276, ,365 Securities (included $334,589 and $199,710 at fair value at June 30, 2009, and December 31, 2008, respectively, and assets pledged of $105,594 and $26,376 at June 30, 2009, and December 31, 2008, respectively) 334, ,744 Loans (included $1,990 and $6,038 at fair value at June 30, 2009, and December 31, 2008, respectively) 596, ,312 Allowance for loan losses (21,995) (17,153) Loans, net of allowance for loan losses 574, ,159 Accrued interest and accounts receivable 45,757 44,345 Premises and equipment 9,601 9,161 Goodwill 27,438 27,371 Other intangible assets: Mortgage servicing rights 14,430 9,236 Purchased credit card relationships All other intangibles 3,089 3,346 Other assets (included $1,450 and $1,780 at fair value at June 30, 2009, and December 31, 2008, respectively) 51,386 46,888 Total assets $ 1,663,998 $ 1,746,242 Liabilities Deposits (included $3,787 and $5,605 at fair value at June 30, 2009, and December 31, 2008, respectively) $ 974,480 $ 1,055,765 Federal funds purchased and securities loaned or sold under repurchase agreements (included $2,957 and $2,968 at fair value at June 30, 2009, and December 31, 2008, respectively) 258, ,716 Other borrowed funds (included $1,098 and $2,714 at fair value at June 30, 2009, and December 31, 2008, respectively) 52,673 94,953 Trading liabilities 102, ,409 Accounts payable and other liabilities (included the allowance for lending-related commitments of $745 and $656 at June 30, 2009, and December 31, 2008, respectively, and $8 and zero at fair value at June 30, 2009, and December 31, 2008, respectively) 66,060 67,014 Beneficial interests issued by consolidated variable interest entities (included $1,185 and $1,364 at fair value at June 30, 2009, and December 31, 2008, respectively) 10,700 4,156 Long-term debt (included $31,490 and $34,924 at fair value at June 30, 2009, and December 31, 2008, respectively) 67,667 71,862 Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities Total liabilities 1,532,868 1,617,475 Commitments and contingencies (see Note 24 of these Consolidated Financial Statements) Stockholder s equity Preferred stock ($1 par value; authorized 15,000,000 shares at June 30, 2009, and December 31, 2008; issued 0 shares at June 30, 2009, and December 31, 2008, respectively) Common stock ($12 par value; authorized 150,000,000 shares at June 30, 2009, and December 31, 2008; issued 148,761,243 shares at June 30, 2009, and December 31, 2008, respectively) 1,785 1,785 Capital surplus 78,031 77,254 Retained earnings 52,267 52,309 Accumulated other comprehensive income (loss) (953) (2,581) Total stockholder s equity 131, ,767 Total liabilities and stockholder s equity $ 1,663,998 $ 1,746,242 The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements. 4

5 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (a wholly-own subsidiary of JPMorgan Chase & Co.) CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER S EQUITY AND COMPREHENSIVE INCOME (UNAUDITED) Six months ended June 30, (in millions) Common stock Balance at January 1, and June 30 $ 1,785 $ 1,785 Capital surplus Balance at January 1 77,254 62,439 Cash capital contribution from JPMorgan Chase & Co Adjustments to capital due to transactions with JPMorgan Chase & Co Balance at June 30 78,031 62,508 Retained earnings Balance at January 1 52,309 42,808 Net income 3,959 4,230 Cash dividends paid to JPMorgan Chase & Co. (4,000) (1,000) Net legal entity mergers (1) Balance at June 30 52,267 46,038 Accumulated other comprehensive income (loss) Balance at January 1 (2,581) (686) Other comprehensive income (loss) 1,628 (716) Balance at June 30 (953) (1,402) Total stockholder s equity $ 131,130 $ 108,929 Comprehensive income Net income $ 3,959 $ 4,230 Other comprehensive income (loss) 1,628 (716) Comprehensive income $ 5,587 $ 3,514 The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements. 5

6 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (a wholly-own subsidiary of JPMorgan Chase & Co.) CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six months ended June 30, (in millions) Operating activities Net income $ 3,959 $ 4,230 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Provision for credit losses 11,877 6,271 Depreciation and amortization 1,291 1,190 Amortization of intangibles Deferred tax benefit (2,308) (1,099) Investment securities gains (564) (388) Originations and purchases of loans held-for-sale (9,843) (21,269) Proceeds from sales, securitizations and paydowns of loans held-for-sale 15,787 22,589 Net change in: Trading assets 117,585 8,137 Securities borrowed (5,704) (14,864) Accrued interest and accounts receivable (1,444) 300 Other assets 15,598 (12,991) Trading liabilities (57,263) (889) Accounts payable and other liabilities 796 (2,241) Other operating adjustments (2,797) 1,730 Net cash provided by (used in) operating activities 87,272 (8,990) Investing activities Net change in: Deposits with banks 67,456 (1,854) Federal funds sold and securities purchased under resale agreements 5,877 (15,910) Held-to-maturity securities: Proceeds 5 5 Available-for-sale securities: Proceeds from maturities 46,747 21,078 Proceeds from sales 65,245 31,403 Purchases (242,832) (85,624) Proceeds from sales and securitization of loans held-for-investment 21,973 8,838 Other changes in loans, net 33,613 (35,917) Net cash used in business acquisitions or dispositions (29) (174) Net maturities of asset-backed commercial paper guaranteed by the FRBB 130 All other investing activities, net (918) (2,776) Net cash used in investing activities (2,733) (80,931) Financing activities Net change in: Deposits (111,747) 39,682 Federal funds purchased and securities loaned or sold under repurchase agreements 77,797 57,880 Other borrowed funds (42,121) (7,602) Proceeds from the issuance of long-term debt and trust-preferred capital debt securities 9,285 12,238 Repayments of long-term debt and trust-preferred capital debt securities (15,001) (19,653) Cash capital contribution from JPMorgan Chase & Co Cash dividends paid (4,000) (1,000) All other financing activities, net (681) 660 Net cash (used in) provided by financing activities (85,864) 82,206 Effect of exchange rate changes on cash and due from banks Net (decrease) in cash and due from banks (1,223) (7,471) Cash and due from banks at the beginning of the year 25,502 38,696 Cash and due from banks at the end of the period $ 24,279 $ 31,225 Cash interest paid $ 5,187 $ 16,143 Cash income taxes paid 4,709 3,335 The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements. 6

7 See Glossary of Terms on pages of these Consolidated Financial Statements for definitions of terms used throughout the Notes to Consolidated Financial Statements. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 BASIS OF PRESENTATION JPMorgan Chase Bank, National Association ( JPMorgan Chase Bank, N.A. ) is a wholly-owned bank subsidiary of JPMorgan Chase & Co. ( JPMorgan Chase ), which is a leading global financial services firm and one of the largest banking institutions in the United States of America ( U.S. ), with operations in more than 60 countries. JPMorgan Chase Bank, N.A. offers a wide range of banking services to its customers both domestically in the U.S. and internationally, including investment banking, financial services for consumers and businesses, financial transactions processing and asset management. Under the J.P. Morgan and Chase brands, JPMorgan Chase Bank, N.A. serves millions of customers in the U.S. and many of the world s most prominent corporate, institutional and governmental clients. JPMorgan Chase Bank, N.A. is chartered by the Office of the Comptroller of the Currency ( OCC ), a bureau of the United States Department of the Treasury. JPMorgan Chase Bank, N.A. s main office is located in Columbus, Ohio, and it has branches in 23 states. The accounting and financial reporting policies of JPMorgan Chase Bank, N.A. and its subsidiaries conform to accounting principles generally accepted in the United States of America ( U.S. GAAP ). Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. The unaudited consolidated financial statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal recurring adjustments have been included for a fair statement of this interim financial information. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in JPMorgan Chase Bank, N.A. s Consolidated Financial Statements for the year ended December 31, 2008 (the 2008 Annual Financial Statements ). Certain amounts in prior periods have been reclassified to conform to the current presentation. NOTE 2 ACCOUNTING AND REPORTING DEVELOPMENTS Business combinations/noncontrolling interests in consolidated financial statements In December 2007, the FASB issued SFAS 141R and SFAS 160, which amend the accounting and reporting of business combinations, as well as noncontrolling (i.e., minority) interests. For JPMorgan Chase Bank, N.A., SFAS 141R became effective for business combinations that close on or after January 1, SFAS 160 became effective for JPMorgan Chase Bank, N.A. for fiscal periods beginning January 1, In April 2009, the FASB issued FSP FAS 141(R)-1, which amends the accounting for contingencies acquired in a business combination. SFAS 141R, as amended, will generally only impact the accounting for future business combinations and will impact certain aspects of business combination accounting, such as transaction costs and certain merger-related restructuring reserves, as well as the accounting for partial acquisitions where control is obtained by JPMorgan Chase Bank, N.A. One exception to the prospective application of SFAS 141R relates to accounting for income taxes associated with business combinations that closed prior to January 1, Once the purchase accounting measurement period closes for these acquisitions, any further adjustments to income taxes recorded as part of these business combinations will impact income tax expense. Previously, further adjustments were predominantly recorded as adjustments to goodwill. SFAS 160 requires that noncontrolling interests be accounted for and presented as equity if material, rather than as a liability or mezzanine equity. SFAS 160 s presentation and disclosure requirements are to be applied retrospectively. The adoption of the reporting requirements of this pronouncement was not material to JPMorgan Chase Bank, N.A. s Consolidated Balance Sheets or financial performance. Accounting for transfers of financial assets and repurchase financing transactions In February 2008, the FASB issued FSP FAS 140-3, which requires an initial transfer of a financial asset and a repurchase financing that was entered into contemporaneously with, or in contemplation of, the initial transfer to be evaluated together as a linked transaction under SFAS 140, unless certain criteria are met. JPMorgan Chase Bank, N.A. adopted FSP FAS on January 1, 2009, for new transactions entered into after the date of adoption. The adoption of FSP FAS did not have a material impact on the Consolidated Balance Sheets or financial performance. 7

8 Disclosures about derivative instruments and hedging activities FASB Statement No. 161 In March 2008, the FASB issued SFAS 161, which amends the disclosure requirements of SFAS 133. SFAS 161 requires increased disclosures about derivative instruments and hedging activities and their effects on an entity s financial position, financial performance and cash flows. SFAS 161 is effective for fiscal years beginning after November 15, JPMorgan Chase Bank, N.A. adopted SFAS 161 on January 1, SFAS 161 only affected JPMorgan Chase Bank, N.A. s disclosures of derivative instruments and related hedging activities, and not it s Consolidated Balance Sheets, financial performance or Consolidated Statements of Cash Flows. Determining whether an instrument (or embedded feature) is indexed to an entity s own stock In September 2008, the EITF issued EITF 07-5, which establishes a two-step process for evaluating whether equitylinked financial instruments and embedded features are indexed to a company s own stock for purposes of determining whether the derivative scope exception in SFAS 133 should be applied. EITF 07-5 is effective for fiscal years beginning after December The adoption of this EITF on January 1, 2009, did not have an impact on JPMorgan Chase Bank, N.A. s Consolidated Balance Sheets or financial performance. The recognition and presentation of other-than-temporary impairment In April 2009, the FASB issued FSP FAS and FAS 124-2, which amends the other-than-temporary impairment model for debt securities. Under the FSP, an other-than-temporary-impairment must be recognized if an investor has the intent to sell the debt security or if it is more likely than not that it will be required to sell the debt security before recovery of its amortized cost basis. In addition, the FSP changes the amount of impairment to be recognized in currentperiod earnings when an investor does not have the intent to sell or if it is more likely than not that it will not be required to sell the debt security, as in these cases only the amount of the impairment associated with credit losses is recognized in income. The FSP also requires additional disclosures regarding the calculation of credit losses, as well as factors considered in reaching a conclusion that an investment is not other-than-temporarily impaired. The FSP is effective for interim and annual reporting periods ending after June 15, 2009, with early adoption permitted for periods ending after March 15, JPMorgan Chase Bank, N.A. elected to early adopt the FSP as of January 1, For additional information regarding the impact on JPMorgan Chase Bank, N.A. of the adoption of the FSP, see Note 12 on pages of these Consolidated Financial Statements. Determining fair value when the volume and level of activity for the asset or liability have significantly decreased, and identifying transactions that are not orderly In April 2009, the FASB issued FSP FAS The FSP provides additional guidance for estimating fair value in accordance with SFAS 157 when the volume and level of activity for the asset or liability have significantly declined. The FSP also includes guidance on identifying circumstances that indicate a transaction is not orderly. The FSP is effective for interim and annual reporting periods ending after June 15, 2009, with early adoption permitted. JPMorgan Chase Bank, N.A. elected to early adopt the FSP in the first quarter of The application of the FSP did not have an impact on JPMorgan Chase Bank, N.A. s Consolidated Balance Sheets or financial performance. Interim disclosures about fair value of financial instruments In April 2009, the FASB issued FSP FAS and APB The FSP requires the SFAS 107 disclosures about the fair value of financial instruments to be presented in interim financial statements in addition to annual financial statements. The FSP is effective for interim reporting periods ending after June 15, 2009, with early adoption permitted for periods ending after March 15, JPMorgan Chase Bank, N.A. adopted the additional disclosure requirements for second quarter reporting. Employers disclosures about postretirement benefit plan assets In December 2008, the FASB issued FSP FAS 132(R)-1, which requires more detailed disclosures about employers plan assets, including investment strategies, major categories of plan assets, concentrations of risk within plan assets, and valuation techniques used to measure the fair value of plan assets. This FSP is effective for fiscal years ending after December 15, JPMorgan Chase Bank, N.A. intends to adopt these additional disclosure requirements on the effective date. Accounting for transfers of financial assets and consolidation of variable interest entities In June 2009, the FASB issued two new standards (SFAS 166 and SFAS 167), which amend the guidance of accounting for the transfers of financial assets and the consolidation of variable interest entities. SFAS 166 eliminates the concept of QSPEs and provides additional guidance with regard to accounting for transfers of financial assets. SFAS 167 changes the approach for determining the primary beneficiary of a VIE from a quantitative risk and reward model to a qualitative model, based on control and economics. Both standards are effective for annual reporting periods beginning after November 15, 2009, including all interim periods within the first annual reporting period. Upon adoption, all existing QSPEs must be evaluated for consolidation. Entities expected to be impacted include revolving securitization entities, 8

9 bank-administered asset-backed commercial paper conduits, and certain mortgage and consumer securitization entities. JPMorgan Chase Bank, N.A. is still assessing the potential impact of the standards. Subsequent events In May 2009, the FASB issued SFAS 165, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. The statement is effective for interim or annual financial periods ending after June 15, JPMorgan Chase Bank, N.A. adopted the statement in the second quarter of The application of the statement did not have any impact on JPMorgan Chase Bank, N.A. s Consolidated Balance Sheets or financial performance. NOTE 3 BUSINESS CHANGES AND DEVELOPMENTS Acquisition of the banking operations of Washington Mutual Bank Refer to Note 3 on pages of JPMorgan Chase Bank, N.A. s 2008 Annual Financial Statements for a discussion of JPMorgan Chase Bank, N.A. s acquisition of the banking operations of Washington Mutual Bank ( Washington Mutual ) on September 25, 2008, including its purchase price and the allocation of the purchase price to the net assets acquired and the resulting extraordinary gain. The acquisition is being accounted for under the purchase method of accounting in accordance with SFAS 141. The total purchase price to complete the acquisition was $1.9 billion, which was allocated to the Washington Mutual assets acquired and liabilities assumed using their fair values as of September 25, The allocation of the purchase price may be modified through September 25, 2009, as more information is obtained about the fair value of assets acquired and liabilities assumed. Unaudited pro forma condensed combined financial information reflecting the Washington Mutual transaction The following unaudited pro forma condensed combined financial information presents the results of operations of JPMorgan Chase Bank, N.A. as they may have appeared for the three and six months ended June 30, 2008, if the Washington Mutual transaction had been completed on January 1, Three months ended Six months ended (in millions) June 30, 2008 June 30, 2008 Total net revenue $ 18,843 $ 37,313 Net income The unaudited pro forma combined financial information is presented for illustrative purposes only and does not indicate the financial results of the combined company had the companies actually been combined as of January 1, 2008, nor is it indicative of the results of operations in future periods. Included in the unaudited pro forma combined financial information for the three and six months ended June 30, 2008, were pro forma adjustments to reflect the results of operations of Washington Mutual s banking operations, considering the purchase accounting, valuation and accounting conformity adjustments related to the transaction. The amortization of purchase accounting adjustments to report interest-earnings assets acquired and interest-bearing liabilities assumed at current interest rates is reflected. Merger with The Bear Stearns Companies Inc. Refer to Note 3 on pages of JPMorgan Chase Bank, N.A. s 2008 Annual Financial Statements for a discussion of the merger on May 30, 2008, of a wholly-owned subsidiary of JPMorgan Chase with The Bear Stearns Companies Inc. ( Bear Stearns ). The merger is being accounted for under the purchase method of accounting in accordance with SFAS 141. The total purchase price to complete the merger was $1.5 billion, which was allocated to the Bear Stearns assets acquired and liabilities assumed using their fair values as of April 8, 2008, and May 30, Additional information regarding the merger is provided in Note 2 on pages of JPMorgan Chase s Annual Report on Form 10-K for the year ended December 31, 2008, and Note 2 on pages of JPMorgan Chase s Quarterly Report on Form 10-Q for the quarterly period ended June 30, Subsequent events JPMorgan Chase Bank, N.A. has performed an evaluation of events that have occurred subsequent to June 30, 2009, and through August 28, 2009 (the date of the issuance of these Consolidated Financial Statements). There have been no subsequent events that occurred during such period that would require disclosure in these Consolidated Financial Statements or would be required to be recognized in the Consolidated Financial Statements as of or for the three- and six-month periods ending June 30,

10 NOTE 4 FAIR VALUE MEASUREMENT For a further discussion of JPMorgan Chase Bank, N.A. s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the SFAS 157 valuation hierarchy, see Note 5 on pages of JPMorgan Chase Bank, N.A. s 2008 Annual Financial Statements. During the first half of 2009, there were no material changes made to JPMorgan Chase Bank, N.A. s valuation models. For a further discussion of the accounting for trading assets and liabilities, see Note 7 on pages of JPMorgan Chase Bank, N.A. s 2008 Annual Financial Statements. The following table presents the financial instruments carried at fair value as of June 30, 2009, and December 31, 2008, by major product category and by the SFAS 157 valuation hierarchy. Assets and liabilities measured at fair value on a recurring basis Fair value hierarchy FIN 39 netting (d) Total fair value June 30, 2009 (in millions) Level 1 Level 2 Level 3 Federal funds sold and securities purchased under resale agreements $ $ 18,315 $ $ $ 18,315 Securities borrowed 3,360 3,360 Trading assets: Debt instruments: Mortgage-backed securities: U.S. government agencies (a) 2,009 2,009 Residential-nonagency Commercial-nonagency Total mortgage-backed securities 2, ,977 U.S. Treasury and government agencies (a) 5, ,061 Obligations of U.S. states and municipalities 1, ,322 Certificates of deposit, bankers acceptances and commercial paper Non-U.S. government debt securities 30,324 27, ,832 Corporate debt securities 33,511 4,934 38,445 Loans 15,732 13,158 28,890 Asset-backed securities 1,085 6,462 7,547 Total debt instruments 37,382 80,278 25, ,952 Equity securities 44,401 1, ,786 Physical commodities (b) 984 2,121 3,105 Other 1, ,299 Total debt and equity instruments 82,767 84,710 25, ,142 Derivative receivables (c) 1,719 1,725,134 56,888 (1,700,046) 83,695 Total trading assets 84,486 1,809,844 82,553 (1,700,046) 276,837 Available-for-sale securities: Mortgage-backed securities: U.S. government agencies (a) 176,701 3, ,439 Residential-nonagency 11,255 1,053 12,308 Commercial-nonagency 4,235 4,235 Total mortgage-backed securities 176,701 19,228 1, ,982 U.S. Treasury and government agencies (a) ,982 34,588 Obligations of U.S. states and municipalities 3,136 3,136 Certificates of deposit 5,603 5,603 Non-U.S. government debt securities 5,034 11,317 16,351 Corporate debt securities 3,714 44, ,812 Asset-backed securities: Credit card receivables 16,401 16,401 Collateralized debt and loan obligations 10 11,489 11,499 Other 1,428 1,428 Equity securities Total available-for-sale securities 186, ,199 12, ,589 Loans 1, ,990 Mortgage servicing rights 14,430 14,430 Other assets 1,450 1,450 Total assets measured at fair value on a recurring basis $ 271,230 $ 1,968,003 $ 111,784 $ (1,700,046) $ 650,971 10

11 Fair value hierarchy June 30, 2009 (in millions) Level 1 Level 2 Level 3 FIN 39 netting (d) Total fair value Deposits $ $ 3,160 $ 627 $ $ 3,787 Federal funds purchased and securities loaned or sold under repurchase agreements 2,957 2,957 Other borrowed funds 1, ,098 Trading liabilities: Debt and equity instruments 29,310 9, ,896 Derivative payables (c) 1,363 1,705,012 39,103 (1,682,107) 63,371 Total trading liabilities 30,673 1,714,554 39,147 (1,682,107) 102,267 Accounts payable and other liabilities Beneficial interests issued by consolidated VIEs 157 1,028 1,185 Long-term debt 17,094 14,396 31,490 Total liabilities measured at fair value on a recurring basis $ 30,673 $ 1,738,932 $ 55,294 $ (1,682,107) $ 142,792 11

12 Fair value hierarchy FIN 39 netting (d) Total fair value December 31, 2008 (in millions) Level 1 Level 2 Level 3 Federal funds sold and securities purchased under resale agreements $ $ 19,865 $ $ $ 19,865 Securities borrowed 3,381 3,381 Trading assets (e) : Debt instruments: Mortgage-backed securities: U.S. government agencies (a) 7,025 3,565 10,590 Residential- nonagency Commercial- nonagency Total mortgage-backed securities 7,025 3, ,664 U.S. Treasury and government agencies (a) 7,368 1,489 8,857 Obligations of U.S. states and municipalities 1, ,062 Certificates of deposit, bankers acceptances and commercial paper 1,180 1,204 2,384 Non-U.S. government debt securities 20,716 17, ,720 Corporate debt securities 18 47,370 4,838 52,226 Loans 14,254 14,481 28,735 Asset-backed securities 1,082 5,540 6,622 Total debt instruments 36,307 88,950 26, ,270 Equity securities 64,867 2, ,320 Physical commodities (b) 3,455 3,455 Other 4 1, ,743 Total debt and equity instruments 101,178 96,341 26, ,788 Derivative receivables (c) 1,759 2,661,825 50,663 (2,572,670) 141,577 Total trading assets 102,937 2,758,166 76,932 (2,572,670) 365,365 Available-for-sale securities (e) : Mortgage-backed securities: U.S. government agencies (a) 109,008 8, ,385 Residential-nonagency 8, ,970 Commercial-nonagency 3,939 3,939 Total mortgage-backed securities 109,008 21, ,294 U.S. Treasury and government agencies (a) 537 9,741 10,278 Obligations of U.S. states and municipalities Certificates of deposit 17,282 17,282 Non-U.S. government debt securities 6,112 2,232 8,344 Corporate debt securities 9, ,505 Asset-backed securities: Credit card receivables 9,468 9,468 Collateralized debt and loan obligations 11,195 11,195 Other Equity securities 1, ,788 Total available-for-sale securities 117,467 70,985 11, ,710 Loans 4,641 1,397 6,038 Mortgage servicing rights 9,236 9,236 Other assets 130 1,650 1,780 Total assets measured at fair value on a recurring basis $ 220,404 $ 2,857,168 $ 100,473 $ (2,572,670) $ 605,375 12

13 Fair value hierarchy December 31, 2008 (in millions) Level 1 Level 2 Level 3 FIN 39 netting (d) Total fair value Deposits $ $ 4,370 $ 1,235 $ $ 5,605 Federal funds purchased and securities loaned or sold under repurchase agreements 2,968 2,968 Other borrowed funds 2, ,714 Trading liabilities: Debt and equity instruments 21,595 9, ,912 Derivative payables (c) 1,211 2,610,277 41,731 (2,541,722) 111,497 Total trading liabilities 22,806 2,619,307 42,018 (2,541,722) 142,409 Accounts payable and other liabilities Beneficial interests issued by consolidated VIEs 1,364 1,364 Long-term debt 20,399 14,525 34,924 Total liabilities measured at fair value on a recurring basis $ 22,806 $ 2,651,066 $ 57,834 $(2,541,722) $ 189,984 (a) Includes total U.S. government-sponsored enterprise obligations of $174.9 billion and $130.6 billion at June 30, 2009, and December 31, 2008, respectively, which were predominantly mortgage-related. (b) Physical commodities inventories are accounted for at the lower of cost or fair value. (c) Derivative receivables and derivative payables balances are presented net on the Consolidated Balance Sheets where there is a legally enforceable master netting agreement in place with counterparties. For purposes of the table above, JPMorgan Chase Bank, N.A. does not reduce the derivative receivables and derivative payables balances for this netting adjustment, either within or across the levels of the fair value hierarchy, as such netting is not relevant to a presentation that is based on the transparency of inputs to the valuation of an asset or liability. Therefore, the balances reported in the fair value hierarchy table are gross of any counterparty netting adjustments. However, if JPMorgan Chase Bank, N.A. were to net such balances, the reduction in the level 3 derivative receivables and derivative payables balances would be $20.2 billion at June 30, 2009 (d) As permitted under FIN 39, JPMorgan Chase Bank, N.A. has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. (e) Prior periods have been revised to conform to the current presentation. Changes in level 3 recurring fair value measurements The following tables include a rollforward of the balance sheet amounts for the three and six months ended June 30, 2009 and 2008 (including changes in fair value), for financial instruments classified by JPMorgan Chase Bank, N.A. within level 3 of the valuation hierarchy. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable parameters to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, JPMorgan Chase Bank, N.A. risk manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the valuation hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of JPMorgan Chase Bank, N.A. s risk management activities related to such level 3 instruments. 13

14 Three months ended June 30, 2009 (in millions) Fair value measurements using significant unobservable inputs Fair value, March 31, 2009 Total realized/ unrealized gains/(losses) Purchases, issuances, settlements, net Transfers into and/or out of level 3 Fair value, June 30, 2009 Change in unrealized gains and (losses) related to financial instruments held at June 30, 2009 Assets: Trading assets: Debt instruments: Mortgage-backed securities: U.S. government agencies $ $ $ $ $ $ Residential-nonagency (17) (16) Commercial-nonagency (56) Total mortgage-backed securities (73) (15) Obligations of U.S. states and municipalities (3) Non-U.S. government debt securities 77 9 (23) (1) 62 4 Corporate debt securities 5, (697) 91 4, Loans 13, (76) (208) 13, Asset-backed securities 5, (64) 6, Total debt instruments 24,568 1,372 (451) (197) 25,292 1,141 Equity securities Other Total debt and equity instruments 24,673 1,395 (b)(c) (331) (72) 25,665 1,163 (b)(c) Net derivative receivables 19,419 (6,472) (b) 932 3,906 17,785 (4,962) (b) Available-for-sale securities: Asset-backed securities 10, , Other , Total available-for-sale securities 11, (d) , (d) Loans 1,882 (31) (b) (1,128) (18) 705 (67) (b) Mortgage servicing rights 10,486 3,798 (c) ,430 3,798 (c) Other assets 1,685 (97) (e) (133) (5) 1,450 (99) (e) Liabilities (a) : Deposits $ (928) $ (9) (b) $ 310 $ $ (627) $ (9) (b) Other borrowed funds (5) (10) (b) (40) (37) (92) (7) (b) Trading liabilities: Debt and equity instruments (259) 16 (b) 199 (44) 20 (b) Accounts payable and other liabilities (6) 2 (b) (4) 4 (b) Beneficial interests issued by consolidated VIEs (160) (b) 122 (990) (1,028) (160) (b) Long-term debt (14,153) (864) (b) (14,396) (1,016) (b) 14

15 Three months ended June 30, 2008 (in millions) Fair value, March 31, 2008 Fair value measurements using significant unobservable inputs Total realized/ unrealized gains/(losses) Purchases, issuances, settlements, net Transfers into and/or out of level 3 Fair value, June 30, 2008 Change in unrealized gains and (losses) related to financial instruments held at June 30, 2008 Assets: Trading assets: Debt and equity instruments $ 28,044 $ (431) (b)(c) $ 719 $ 2,792 $ 31,124 $ (806) (b)(c) Net derivative receivables 2, (b) 2, ,831 (138) (b) Available-for-sale securities 9 1 (d) 10 2 (d) Loans 7,848 (86) (b) 29 (704) 7,087 (156) (b) Mortgage servicing rights 8,419 1,519 (c) ,930 1,519 (c) Other assets 790 (17) (e) 19 (25) 767 (38) (e) Liabilities: Deposits $ (1,279) $ (44) (b) $ (7) $ (50) $ (1,380) $ (45) (b) Other borrowed funds (101) (110) (b) 1 (39) (249) (23) (b) Trading liabilities: Debt and equity instruments (727) 22 (b) 3 (702) (164) (b) Accounts payable and other liabilities Beneficial interests issued by consolidated VIEs (51) 22 (b) (29) 22 (b) Long-term debt (20,306) (404) (b) 661 (140) (20,189) (407) (b) 15

16 Six months ended June 30, 2009 (in millions) Fair value, January 1, 2009 Fair value measurements using significant unobservable inputs Total realized/ unrealized gains/(losses) Purchases, issuances, settlements, net Transfers into and/or out of level 3 Fair value, June 30, 2009 Change in unrealized gains and (losses) related to financial instruments held at June 30, 2009 Assets: Trading assets: Debt instruments: Mortgage-backed securities: U.S. government agencies $ $ $ $ $ $ Residential-nonagency (32) (387) 208 (23) Commercial-nonagency (60) Total mortgage-backed securities (92) (386) Obligations of U.S. states and municipalities 353 (8) (45) 300 (8) Non-U.S. government debt securities (18) Corporate debt securities 4, (3,225) 3,284 4, Loans 14,481 (771) (573) 21 13,158 (782) Asset-backed securities 5, (102) 6, Total debt instruments 26, (3,661) 2,851 25,292 (114) Equity securities 235 (74) (76) Other 21 (3) (2) Total debt and equity instruments 26, (b)(c) (3,656) 3,040 25,665 (105) (b)(c) Net derivative receivables 8,932 (6,205) (b) (685) 15,743 17,785 (5,998) (b) Available-for-sale securities: Asset-backed securities 11,195 (133) ,489 (320) Other , Total available-for-sale securities 11,258 (100) (d) ,646 (287) (d) Loans 1,397 (303) (b) (1,319) (270) (b) Mortgage servicing rights 9,236 5,103 (c) 91 14,430 5,103 (c) Other assets 1,650 (262) (e) ,450 (261) (e) Liabilities (a) : Deposits $ (1,235) $ (23) (b) $ 693 $ (62) $ (627) $ (36) (b) Other borrowed funds (56) 74 (b) (78) (32) (92) (5) (b) Trading liabilities: Debt and equity instruments (287) (46) (b) (44) 13 (b) Accounts payable and other liabilities 4 (b) (8) (4) 4 (b) Beneficial interests issued by consolidated VIEs (160) (b) 122 (990) (1,028) (160) (b) Long-term debt (14,525) 9 (b) 1,782 (1,662) (14,396) (303) (b) 16

17 Six months ended June 30, 2008 (in millions) Fair value, January 1, 2008 Fair value measurements using significant unobservable inputs Total realized/ unrealized gains/(losses) Purchases, issuances, settlements, net Transfers into and/or out of level 3 Fair value, June 30, 2008 Change in unrealized gains and (losses) related to financial instruments held at June 30, 2008 Assets: Trading assets: Debt and equity instruments $ 18,815 $ (372) (b)(c) $ 4,041 $ 8,640 $ 31,124 $ (439) (b)(c) Net derivative receivables 206 2,293 (b) 2, , (b) Available-for-sale securities 10 2 (d) (2) 10 2 (d) Loans 7,797 (280) (b) 274 (704) 7,087 (221) (b) Mortgage servicing rights 8, (c) 1,411 10, (c) Other assets (e) (8) (25) (e) Liabilities (a) : Deposits $ (1,228) $ (62) (b) $ (38) $ (52) $ (1,380) $ (69) (b) Other borrowed funds (101) (75) (b) (137) 64 (249) (b) Trading liabilities: Debt and equity instruments (480) (71) (b) (9) (142) (702) (253) (b) Accounts payable and other liabilities (25) 25 Beneficial interests issued by consolidated VIEs (82) 53 (b) (29) 53 (b) Long-term debt (21,198) (185) (b) 1,739 (545) (20,189) (97) (b) (a) Level 3 liabilities as a percentage of total liabilities accounted for at fair value (including liabilities carried at fair value on a nonrecurring basis) were 39% and 30% at June 30, 2009, and December 31, 2008, respectively. (b) Reported in principal transactions revenue. (c) Changes in fair value for retail mortgage loans originated with the intent to sell, and mortgage servicing rights are measured at fair value and reported in mortgage fees and related income. (d) Realized gains (losses) and credit-related unrealized losses are reported in securities gains (losses). Unrealized gains (losses) not related to credit are reported in accumulated other comprehensive income (loss). (e) Reported in other income. Assets and liabilities measured at fair value on a nonrecurring basis Certain assets, liabilities and unfunded lending-related commitments are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). The following tables present assets and liabilities carried on the Consolidated Balance Sheets as well as off-balance sheet instruments by caption and level within the SFAS 157 valuation hierarchy (as described above) as of June 30, 2009, and December 31, 2008, for which a nonrecurring change in fair value has been recorded during the reporting period. Fair value hierarchy June 30, 2009 (in millions) Level 1 Level 2 Level 3 Total fair value Loans (a) $ $ 4,364 $ 3,419 $ 7,783 Other real estate owned Other assets Total other assets Total assets at fair value on a nonrecurring basis $ $ 4,474 $ 3,750 $ 8,224 Accounts payable and other liabilities (b) $ $ 147 $ 90 $ 237 Total liabilities at fair value on a nonrecurring basis $ $ 147 $ 90 $

18 Fair value hierarchy December 31, 2008 (in millions) Level 1 Level 2 Level 3 Total fair value Loans (a) $ $ 4,975 $ 3,685 $ 8,660 Other real estate owned Other assets Total other assets Total assets at fair value on a nonrecurring basis $ $ 5,238 $ 3,823 $ 9,061 Accounts payable and other liabilities (b) $ $ 207 $ 81 $ 288 Total liabilities at fair value on a nonrecurring basis $ $ 207 $ 81 $ 288 (a) Includes leveraged lending and other loan warehouses held-for-sale. (b) Represents the fair value adjustment associated with $887 million and $1.4 billion of unfunded held-for-sale lending-related commitments within the leveraged lending portfolio at June 30, 2009, and December 31, 2008, respectively. Nonrecurring fair value changes The following table presents the total change in value of financial instruments for which a fair value adjustment has been included in the Consolidated Statements of Income for the three and six months ended June 30, 2009 and 2008, related to financial instruments held at June 30, 2009 and Three months ended June 30, Six months ended June 30, (in millions) Loans $ (1,329) $ (843) $ (2,302) $ (1,565) Other assets (40) (2) (77) (4) Accounts payable and other liabilities Total nonrecurring fair value gains (losses) $ (1,353) $ (845) $ (2,332) $ (1,569) In the above table, loans predominantly include: (1) write-downs of delinquent consumer residential mortgage and home equity loans within the retail business, where impairment is based on the fair value of the underlying collateral; and (2) the change in fair value of leveraged lending and warehouse loans in the investment banking business, which are carried on the Consolidated Balance Sheet at the lower of cost or fair value. Accounts payable and other liabilities predominantly include the change in fair value for unfunded lending-related commitments within the leveraged lending portfolio. Level 3 analysis Consolidated Balance Sheets changes Level 3 assets (including assets measured at fair value on a nonrecurring basis) were 7% of total JPMorgan Chase Bank, N.A. assets and 18% of total assets measured at fair value at June 30, 2009, compared with 6% and 17%, respectively, at December 31, The following describes significant changes to level 3 assets during the quarter. For the three months ended June 30, 2009 Level 3 assets decreased by $6.4 billion in the second quarter of 2009, largely due to an $11.8 billion decrease in derivative receivables predominantly due to changes in credit spreads. This decrease was partially offset by a $3.9 billion increase in mortgage servicing rights ( MSRs ) primarily due to market interest rate and other changes impacting JPMorgan Chase Bank, N.A. s estimate of future prepayments, as well as sales in the retail business of originated loans for which servicing rights were retained. For the six months ended June 30, 2009 Level 3 assets increased by $11.2 billion in the first half of 2009 due to the following: Transfer of structured credit derivative receivables resulting from a decrease in transaction activity and the lack of observable market data. At June 30, 2009, the fair value of these receivables was approximately $32.3 billion. Offsetting these receivables were derivative payables with a fair value of $17.5 billion at June 30, $5.2 billion increase in MSRs primarily due to market interest rate and other changes impacting JPMorgan Chase Bank, N.A. s estimate of future prepayments, as well as sales in the retail business of originated loans for which servicing rights were retained. $3.1 billion transfer of certain structured notes reflecting lower liquidity and pricing observability in the first quarter. 18

19 The increase in level 3 assets described above was partially offset by: $17.7 billion transfer of single-name CDS on ABS from level 3 to level 2, resulting from a decline in pricing uncertainty. The fair value of these assets is generally based on observable market data from third-party transactions, benchmarking to relevant indices such as the Asset-Backed Securities Index ( ABX ), and calibration to other available market information such as broker quotes. $11.2 billion of derivative receivables principally due to changes in credit spreads. $3.6 billion related to sales of CDS positions on CMBS and RMBS. $3.1 billion related to sales and unwinds of structured transactions with hedge funds. $1.5 billion decrease in trading assets debt and equity, primarily in residential and commercial mortgage-backed securities and loans, principally driven by markdowns and sales, partially offset by increases of $922 million in certain asset-backed securities. Gains and Losses JPMorgan Chase Bank, N.A. risk manages level 3 financial instruments using securities and derivative positions classified within level 1 or 2 of the valuation hierarchy; the effect of these risk management activities is not reflected in the level 3 gains and losses included in the tables above. Three months ended June 30, 2009 Included in the tables for the three months ended June 30, 2009 were gains and losses resulting from: $6.5 billion of net losses on derivatives primarily related to changes in credit spreads; $864 million of losses related to structured note liabilities, primarily due to volatility in the equity markets; $3.8 billion in gains on MSRs; $1.4 billion in gains on trading debt and equity instruments, primarily from certain asset-backed securities. Three months ended June 30, 2008 Included in the tables for the three months ended June 30, 2008 were gains and losses resulting from: $1.5 billion of gains on MSRs; Net gains of approximately $690 million, principally related to fixed income and equity derivatives transactions; $700 million of losses on leveraged loans. Leveraged loans are typically classified as held-for-sale and measured at the lower of cost or fair value and therefore included in the nonrecurring fair value assets; Losses of approximately $430 million on trading debt and equity instruments, principally from mortgage-related transactions; Net losses of approximately $400 million on equity-related structured notes. Six months ended June 30, 2009 Included in the tables for the first six months of 2009 were gains and losses resulting from: $6.2 billion of net losses on derivatives primarily related to changes in credit spreads and changes in interest rates; $808 million of losses on leveraged loans. Leveraged loans are primarily classified as held-for-sale and measured at the lower of cost or fair value and therefore included in nonrecurring fair value assets; $5.1 billion of gains on MSRs. 19

20 Six months ended June 30, 2008 Included in the tables for the first six months of 2008 were gains and losses resulting from: Net gains of approximately $2.3 billion related to fixed income and equity derivatives; Gains of $887 million on MSRs; Losses of approximately $1.6 billion on leveraged loans. Leveraged loans are typically classified as held-for-sale and measured at the lower of cost or fair value and therefore included in the nonrecurring fair value assets; Losses on trading debt and equity instruments of approximately $370 million, principally from mortgage-related transactions. For further information on changes in the fair value of the MSRs see Note 18 on pages of these Consolidated Financial Statements. Financial disclosures required by SFAS 107 Many, but not all, of the financial instruments held by JPMorgan Chase Bank, N.A. are recorded at fair value on the Consolidated Balance Sheets. SFAS 107 requires disclosure of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate their fair value. Financial instruments within the scope of SFAS 107 are included in the following table. Additionally, certain financial instruments and all nonfinancial instruments are excluded from the scope of SFAS 107. Accordingly, the fair value disclosures required by SFAS 107 provide only a partial estimate of the fair value of JPMorgan Chase Bank, N.A. For example, JPMorgan Chase Bank, N.A. has developed longterm relationships with its customers through its deposit base and credit card accounts, commonly referred to as core deposit intangibles and credit card relationships. In the opinion of management, these items, in the aggregate, add significant value to JPMorgan Chase Bank, N.A., but their fair value is not disclosed in this Note. Financial instruments for which carrying value approximates fair value Certain financial instruments that are not carried at fair value on the Consolidated Balance Sheets are carried at amounts that approximate fair value, due to their short-term nature and generally negligible credit risk. These instruments include cash and due from banks; deposits with banks, federal funds sold and securities purchased under resale agreements; and securities borrowed with short-dated maturities; short-term receivables and accrued interest receivable; commercial paper; federal funds purchased, and securities loaned or sold, under repurchase agreements with short-dated maturities; other borrowed funds (excluding advances from Federal Home Loan Banks); accounts payable; and accrued liabilities. In addition, SFAS 107 requires that the fair value for deposit liabilities with no stated maturity (i.e., demand, savings and certain money market deposits) be equal to their carrying value. SFAS 107 does not allow for the recognition of the inherent funding value of these instruments. 20

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